Capital Ideas Podcast Emerging markets investing: Four decades of wisdom
Mar 27, 2025
Victor Kohn, a trailblazer in emerging markets investing at Capital Group, reflects on his remarkable four-decade career. He recounts his early days analyzing South American markets and the evolution of investment philosophies. Kohn shares his optimistic views on China, emphasizing its transformative economic potential. He also discusses mentorship, the significance of a patient investment approach, and the dynamic shifts in India’s landscape. His personal journey to U.S. citizenship adds depth to his insights, making for a profound discussion.
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Becoming a Citizen
- Victor Cohn became a U.S. citizen in 2003 after a moving naturalization ceremony.
- The event prompted him to join the "we" and actively participate in national discussions.
Early Days as an Analyst
- In the mid-80s, Victor Cohn began covering South America, encountering companies that had never seen an analyst.
- He had to rely on local brokers to photocopy annual reports and send them by mail.
Emerging Markets Evolution
- Emerging markets are now heterogeneous, with varying demographics, growth rates, and company development.
- Investors should focus on individual companies within specific countries rather than the broad term "emerging markets."