The emerging pendulum

A 2-decades long cycle is turning

(this is the second iteration in the new quick writeup series, with the concept of “one simple idea, one dataset, one investing theme”)

Emerging vs USA

Over the last 3 decades, the balance between markets in emerging markets and the US has relatively steadily swung like a pendulum. One slooow tick to the left, one slooow tick to the right.

See the graph b…