Uzbekistan was nearly closed off to foreign investors until 2016. Unlike Russia, Kazakhstan and other Soviet states, However in recent years, Uzbekistan has started to change in a big way. In 2017 the new president started a reform program, simplifying business regulations, divesting SOEs, floating the exchange rate, allowing visa free access for tourists and […]
Modern Monetary Theory is becoming mainstream in developed markets. Governments are suddenly pursuing plans that lead to deficits that would have been unimaginable a decade ago. The US, UK, and Japan, for example are all engaging in record spending sprees to support the economy in the wake of Covid-19. Yet MMT has been slow to […]
Chile was once the neoliberal poster child for Latin America and the broader world of emerging markets. The nominal cause of protests that broke out in October 2019 was a slight increase in the subway fare. But it was connected to something much bigger. According to OpenDemocracy: How could a mobilization that began with an […]
I came across an intriguing investment idea recently while reading hedge fund letters. Broyhill Asset Management has a note on emerging market airports A perfect storm has hit airports located in emerging economies. Even before a global pandemic decimated travel, emerging market equities and currencies had drastically underperformed their developed market peers, particularly in Latin […]
We’ve written in the past about how the way deglobalization is creating a new opportunity set. Trade policy changes will drive a rearranging in company supply chains. In general the latest wave of trade policies encourage more regional supply chains. Additionally, they encourage companies to diversify suppliers across markets. Covid-19 will accelerate these changes. Investors […]