A step beyond into Frontier markets

THE ALCHEMIST

At this stage, nearly everyone has accepted emerging markets are the next big thing.

Fundflows into markets like China, Brazil and India soared last year as investors everywhere grasped the implications of changing geopolitical power patterns, demographic trends and economic growth projections. The practices and limitations that previously kept some economies in the “emerging” category – runaway debt, high inflation, weak currencies, market volatility, outbreaks of crushing illiquidity, as well as poor corporate governance and corrupt administrations – well, that sounds like somewhere rather closer to home. But not content with the respectable returns from emerging ma...