“The other boys at Yale came from wealthy families, and none of them were investing outside the United States, and I thought, ‘That is very egotistical. Why be so shortsighted or nearsighted as to focus only on America? Shouldn’t you be more open-minded?’”
Emerging markets pioneer Sir John Templeton
The launch of investment funds to buy shares in emerging stock markets created a new asset class and allowed investors easily to pull money in and out of the developing world for the first time. Before this, emerging markets were totally uncorrelated with developed markets; by 2009, they moved in lockstep.
Until 1982, financing for the world’s Lesser Developed Countries (LDCs) was driven by commodity prices and western ...