No EM Asset Bubble, Yet

No EM Asset Bubble, Yet

As investors continue to flock back in to LatAm and EM assets, there are few signs yet of a bubble, though a correction could come eventually. “I still see the world deleveraging, and don’t yet see a bubble. But there will be one before it’s over. When we see a good thing we take it too far, and we will take it too far, but we’re far from there,” says Mark Dow, portfolio manager at Pharo Management, which has $3bn in EM. Among positives is the absence of highly leveraged hedge funds that were pr

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