Marshall Stocker, co-Head of Emerging Markets at Morgan Stanley, shares his insight why country selection has a greater effect on excess returns than company selection, and shares his view on investment opportunities and challenges in China, Greece, India, South Africa, and other countries. Filmed at Camp Kotok in August 2023.
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Timecodes:
(00:00) Introduction
(00:26) Country Allocation Is Greater Source of Excess Returns Than Company Selection
(03:55) Greatest Country Overweight: Greece
(07:32) Underweight South Africa and India
(08:33) Can Governments Default On Debt Denominated In Currencies They Can Print? The Answer May Surprise You!
(10:54) Could The U.S. Ever Have An "Emerging Market Debt Crisis"?
(12:31) Chinese Equities
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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.
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