Tracking Down Income in Emerging Markets

Humans use mental maps to make complex problems easier to solve. At the most literal level, we navigate a familiar city using our stored memory of its features. We can reach our objective safely and efficiently because we know the streets and districts, and the hazards and opportunities we may encounter en route. Cities change, of course, but too slowly for our mental maps to let us down.

We apply an analogous process to negotiating the financial world to reach our investment goals. However, markets are not cities: what was once a prosperous quarter can become impoverished quite quickly; the safe street may have become perilous. We anticipate a short walk to our destination but actually face a long, uphill trek.

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