Emerging markets still promise growth

Seven years of plenty are swallowed by seven years of famine, such that all the plenty is forgotten; a pattern witnessed by Joseph, the Pharaoh and many emerging market investors today. The promise of growth that carried stock markets high in the early nineties was obscured by the various Asian, Russian and Latin American crises and the shimmering deceit of the tech bubble. The latter was a global phenomenon but while the developed markets continue to trade above historical averages, the emerging markets are at their lowest ever multiples. The EM MSCI index was valued at a P/E of 9x agai...