The EM Outperformance Cycle BeginsSince 2008, U.S. stocks have absolutely crushed the rest of the world.The S&P 500 rose 592% over the 17 year period from July 2008 to July 2025. The MSCI world index (excluding the U.S.) was up 140%.And the MSCI emerging markets index was up just 92%.The chart below tells the story:Source: Charlie BilleloIt’s been an incredible period of outperformance for American stocks. We’ve torched Europe, China, Japan, South America, everybody. You can’t even call it a competition. It ...