One common investment fallacy is to think that just because a company or country is growing fast, it is bound to deliver strong returns. The other half of any investment decision has to be valuation; if everyone can see the growth, strong returns will be history.
In the case of emerging markets, they are certainly growing fast. But for investors, the question is not whether economies such as China or Brazil have better prospects than Europe or the US. The question is whether this is already priced in.
Several measures suggest it may be. Price to book value and price to sales are already higher than in developed markets and the gap has widened since March last year.
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