One Way Emerging Markets Are Shooting Themselves in the Foot

The founder of research firm Ecstrat highlights a structural reason for the underperformance of the asset class.
Photographer: Fred Dufour/AFP via Getty Images

Emerging-market stocks and currencies have taken a beating in 2015, but underperformance in these assets is hardly novel. The MSCI Emerging Market index hit its post-recession peak in 2011 and has been trounced by its developed-market counterpart since 2010:

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