Barry Ritholtz, Columnist

Say Goodbye to Your Grandfather’s Emerging Markets

Lazard's James Donald on the new landscape.

March 20, 2018 at 2:00 PM UTC

Barry Ritholtz is a former Bloomberg Opinion columnist. He is chairman and chief investment officer of Ritholtz Wealth Management, and was previously chief market strategist at Maxim Group. He is the author of “Bailout Nation.”

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This week, we meet with James Donald, head of Lazard Asset Management’s Emerging Markets Equity team. He joined Lazard in 1996, and has been instrumental in developing and coordinating its emerging-markets activities.

Think of investing in emerging markets, and one tends to think of commodities, and therefore the U.S. dollar. That may have been true in the past, but it is no longer the case. Commodities now account for only 15 percent of EM economies, down significantly from just a decade ago. Manufacturing and technology have grown larger as a share of the typical EM country.