The Contrarian Investor: The rise of the populists

A couple of weeks back, I found myself spending a lovely afternoon with an old friend who says he works in emerging markets investing but looks suspiciously like someone who works for the CIA.

Frank's view is Turkey is going nowhere very fast under that "populist demagogue". He is also a self-confessed Russia nut who thinks Estonia and its Russian speaking minority is next in line for some Putinesque TLC. But "old Vlad won't do anything first until he has worked out if it's Trump or Clinton. If it's Trump, he'll delay. If it's Hilary, he'll give her a run for her money. Test her mettle". Frank then proceeded to play his ace card. Given all the instability in the developed world, "why would anyone continue to invest in the US and the UK when emerging markets present the safe...