How investors view Emerging Markets

Despite the recent dip, most investors do not view the broader Indian markets as particularly cheap

I had the opportunity to spend last week in the US, meeting up with a bunch of global investors. A fascinating week amidst the turmoil roiling global markets. Some of the takeaways for me personally were as follows:

1. There is tremendous pain vis-a-vis Emerging Market (EM) assets. Most of the smartest and most-sophisticated investors have been reducing weights in US equities and increasing EM and non-US positions over the last few years. This has not worked. Investors have taken it on the chin this year with a dramatic divergence opening up between US and EM equities. The S&P 500