Turmoil in Western markets could give EM a chance to shine –FT

There’s never been a better time to make your country or company’s investment case:“By seemingly voting against trade deficits, immigration, low-quality jobs and ‘low-flation,’ western electorates may have unleashed a tectonic policy shift from globalism to national revivalism,” writes the Financial Times. The result? “For EM investors there is an upside scenario to this shift. It is one marked by a move from a so-called ‘risk-on/-off’ market dominated by ‘beta’ — or sensitivity to universal factors like the amount of quantitative easing or the price of oil — to ‘alpha,’ in which the idiosyncratic performance of individual economies and government policies carry more weight in investment decisions.” Read: There is a silver lining for emerging markets.