What I Learned This Week

New Investment Themes

Emerging Markets Where to invest in the next 10 years, 20 years and 30 years? In our view, the answer unequivocally is emerging markets. In 1988, we read that it took 70 years to build a landline system in the UK, 50 years in the U.S., 30 years in Japan and 20 years in South Korea—but it would take only 1.5 years to put in a mobile system. This is what we call the late-mover advantage. When we recently read how solar power is taking the emerging world by storm, we had a similar “aha” moment. (See “Collapsing prices are making solar and battery storage incredibly competitive”, WILTW February 7, 2019.) Solar power is enabling developing countries to leapfrog traditional grid infrastructu…

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