Why This Stock Bear Sees No Hope for Emerging Markets
- Smith says few attractive bets in authoritarian regimes
- Ecstrat favors nations with low exposure to commodities, China
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John-Paul Smith won’t give up on his bearish bet against developing nations.
The founder of research firm Ecstrat Ltd., renowned for his early warning of Russia’s equity-market plunge in 1998 while at Morgan Stanley, is finding plenty of places to direct his pessimism. Among his latest concerns: authoritarian regimes in China and Russia as well as governments in Thailand, Turkey and the Philippines shifting in that direction.