Where now after a 'Nifty Fifty' moment for emerging markets?

Boosted by Chinese tech stocks

The bull market of the early 1970s in the US was largely driven by a group of 50 'blue-chip' growth stocks called the 'Nifty Fifty' and included companies such as Xerox, IBM, Coca-Cola and Polaroid.

They were famously deemed as a 'one decision' trade to be bought and never sold. Their valuation reached an average P/E of 42x in 1972 before falling significantly from 1973, following the end of the Bretton Woods monetary system and an increase in inflation, interest rates as well as the oil price.  We do not often see the shares of mega caps doubling in a single year and 2017 will be remembered for emerging markets as the 'Nifty Fifty' type of bull market, with China internet giants playing a significant role in this rally.  The main difference in 2017 was the concentration of th...