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Early in my career I comanaged an emerging-markets fund that delivered market-beating returns from 2007 to 2014. After this good run a tough year ensued, which ate into our hard-won returns of the previous seven years. Friends teased me, asking how our “submerging markets” fund was doing.

The term wasn’t wrong. The year 2015 turned out to be an annus horribilis for emerging markets. There were other drawdowns, most recently in 2018, that could make your stomach turn...

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