The year of the horse is approaching in China, which explains perhaps why there are not many bulls around Asia and other emerging markets.
Last year, developed markets strongly outperformed emerging markets. The MSCI global index was up 24 per cent, but emerging markets dragged down the index by a negative 5 per cent, while the high-yield index was up 7 per cent, with no thanks to emerging market bonds, which were down 7 per cent.
Today developed markets are expensive and emerging markets cheap. Many analysts believe, though, that emerging markets can become cheaper still and that the bull case is far stronger for developed markets. These analysts are advising investors to steer clear of emerging markets.
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