T he case for investing in emerging markets seems beguilingly simple. They are growing and urbanising fast. They have young populations who aspire to consume as we do in the west. They generally have sound public finances, with no bloated welfare states or dependency cultures. So companies that are active in those markets should be able to increase profits and dividends rapidly, and their share prices should reflect that.
投資新興市場的理由似乎簡單得令人難以置信。新興市場正處於高速成長期，城市化進程也在快速推進。新興市場的年輕人渴望能像西方人一樣消費。新興市場國家的財政狀況通常較爲穩健，沒有臃腫的福利制度或依賴這種制度的文化。因此，活躍於新興市場的企業應該有能力快速提高利潤和股息，它們的股價也應該反映出這一點。
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