JOHCM's Emery Brewer says 2011 may be marked by a switch in market leadership towards developed markets.
Emerging markets have had a good crisis. While the economies of the developed world have largely struggled since the dark days of autumn 2008 and the collapse of Lehman, the economies of the developing world have been resilient. Emerging market equities have been on a tear since 2009, surpassing returns in developed markets over the last two years and sucking in speculative flows at a frantic rate. After such a supercharged performance, 2011 may well be marked by a switch in market leadership towards developed markets. Q4 of last year saw the likes of the US and Japan outperform the broa...
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