Whenever financial markets fall sharply, at some point they will become cheap.
Has that moment come for emerging market equities? As is the nature of markets, opinions differ, but there are some interesting straws in the wind.
Analysis by JPMorgan Asset Management shows that the benchmark MSCI EM index was trading on a price/book ratio of 1.28 as of late August (see the first chart), suggesting that even if a company went bankrupt, investors would get back almost 80 per cent of their money by selling the underlying assets.
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