Hello, Subscribers:
A key theme of this newsletter over the last year has been to overweight emerging market (EM) stocks. Our positivity was a function of the 13-year lag EM equities had endured versus the S&P 500. In turn, that created an extreme undervaluation via-à-vis the S&P. But, as you can see below, there has been at least a partial reversal of fortune of late.
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