The real way to invest in emerging markets

Emerging markets are likely to continue growing, whereas developed markets are facing significant structural headwinds. Demographics, as well as public and private debt levels suggest that emerging market growth will be superior to developed market growth for some time to come. As the baby boom generation in the US and Europe retires, it will place increasing demands on state-funded medical care and social security systems. Not all emerging markets have such a structural advantage. China, for example, as a consequence of the “one-child policy”, is a rapidly ageing country. But even...