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The Big Picture on Risk

Weekly investor research

19 November 2018

Developed economies squandered huge advantages, but asset prices rallied, so their markets are now more expensive than justified by fundamentals. EM countries saw asset prices fall sharply, but fundamentals held up against major headwinds, so now there is value. Juxtapose these two images, one of bloated and overpriced markets in rich countries, the other of leaner fitter markets in EM, and what emerges is a picture of severe price distortions across global assets.

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