While the last decade belonged to emerging markets, the next ten years will see the developed world take back the crown, writes Rathbone's James Thomson.
The last decade belonged to emerging markets; this decade is ours. Welcome to a new super-cycle of decoupling and recoupling, and perhaps the impossibility of the US and emerging markets outperforming at the same time. Since the start of 2013, there has been a painful realisation for investors in emerging markets. The ‘infallibility’ of the emerging story, which was founded on an exponential growth in exports, domestic credit expansion and huge current account surpluses, is no more. There is no denying that, over the last decade, emerging markets have experienced an impressive run. Te...
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