The Long View Sudarshan Murthy: ‘These Countries Are in Much Better Shape Than They Were 10 Years Back’
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Mar 25, 2025 Sudarshan Murthy, co-portfolio manager at GQG Partners and an expert in global equities, shares insightful perspectives on emerging markets. He discusses India's economic evolution, emphasizing reduced regulations and a burgeoning middle class. Sudarshan also highlights the resilience of Indonesia’s banking sector and Brazil’s financial landscape. Moreover, he contrasts China's economic growth with its stock market performance, revealing the rising sentiment towards these markets. He examines the recent shifts in investor perspectives and the sustained improvements over the past decade.
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Valuation Approach
- Forecast earnings in US dollar terms for the next five years, considering earnings beyond that period to determine the multiple.
- Discard all projections at a constant 7% rate to assess business valuation.
Cross-Pollination of Ideas
- Cross-pollination and learning across different geographies and sectors offer valuable insights.
- Analyzing global businesses can enhance understanding of similar businesses in other regions.
Indian Telecom Conviction
- Sudarshan Murthy gained conviction in an Indian telecom company by comparing it to similar U.S. businesses.
- Observing the Indian company's backhaul development became a key differentiator.