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The deep appeal of emerging markets is their lack of surface appeal

BILL HICKS, a much-mourned comedian, would pause in the middle of his act as if a thought had just occurred to him. He would ask that anyone in the audience who worked in advertising or marketing kill themselves. This was the only path to redemption now left open. No one took up his invitation. I know what the marketing people are thinking, he would then say. The anti-marketing dollar, thats a good market. Look at our research! Bill is smart to tap into it.Such next-level thinking comes to mind whenever the case for emerging markets is considered. For professional investors, diverting capital from Americas stockmarket to other less-blessed places seems like an invitation to career suicide. The dollars continued strength is kryptonite to emerging markets. They feel the damage from the trade war most keenly. Sure, emerging markets look cheap. But there is no law saying they cannot become even cheaper.
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