FIBRA Hotel

The MSCI Emerging Market Index has seen its price fall 6.6% over the last 10 years. The S&P 500 is priced, not just dividends reinvested, just pure price is up 156%. Why have emerging markets had such a long period of underperforms? And I'll leave it at that, but I love to kind of understand what exactly drove the cheap valuations you're finding today.