Talking Emerging Markets With Mark Madden
By Gregg Greenberg
7/22/2005 7:26 AM EDT
OK. How much longer can this bull market run?
Emerging markets began outperforming most developed markets in 2001. Nevertheless, 2001 and 2002 were dramatic down years in the global equity markets, so the emerging markets were also down modestly in those years. Even so, the outperformance relative to the developed markets began in 2001 and has continued since then. We expect overall outperformance to continue for several more years.
Which developing markets show the greatest promise?
In our view, some of the more attractive markets are Brazil, Turkey and India.
What are your prospects on the dollar?
I believe the direction of the dollar from here will depend on the U.S. consumer. If consumption continues to be strong, then I would expect the dollar to remain stable at these levels; however, if the consumer slows down and the economy hits a rough patch as a result of it, I would expect the Fed to back off on rate hikes and perhaps even reduce rates again while simultaneously allowing the dollar to weaken further.
TheStreet.com: Talking Emerging Markets With Mark Madden