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KraneShares' Brendan Ahern: Is China Investable? | #535
The Meb Faber Show - Better Investing
Growth is Not Uniform: Emerging Markets vs. US Markets
Recent performance data reveals a stark contrast between US equities and non-US markets, particularly in the context of growth versus value factors. While the S&P 500 has surged over 950% since the 2009 financial crisis, emerging markets, including China, have shown significant underperformance, raising questions about the underlying market dynamics. The MSCI China index has only increased by 161%, highlighting a broader trend among non-US equities that have failed to keep pace. Notably, energy and financial sectors dominate these indices, which are traditionally viewed as value factors, whereas the emerging markets' tech sector has outperformed the S&P 500, reflecting a growth bias that is underrepresented in the benchmarks. The data indicates that despite the overall underwhelming performance of non-US markets, specific sectors, especially tech, demonstrate exceptional growth potential.
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