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When the global financial crisis brought stock markets crashing down all over the world, people commented that classical portfolio diversification theory had become a waste of time. In a global village the non-correlation argument was dead. Dr Mark Mobius, an investment guru with 40 years experience in the emerging markets, would disagree. In a light-hearted but thought-provoking speech at the 20th anniversary party of Franklin Templeton Luxembourg, Dr Mobius showed that emerging markets have out-performed the MSCI global index over one year, by a sliver, and with gusto over five years, ten years almost any period you care to name. And why. Dr Mobius, Executive Chairman of Templeton Emerging Markets Group, splits the world into three categories: developed...
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