Emerging Market Contrarians: Three Geographies I’m Watching Closely

Emerging markets are often marketed as high-growth, high-risk, and underpriced. Sometimes that’s true. But more often, they’re just misunderstood. And in a world where the U.S. now trades at 21x forward earnings, and European blue chips have been bid up as “value” plays, the margins of safety are increasingly hiding in unloved geographies—not unloved sectors.

I’m not here to pitch the obvious (India, Brazil, etc.). I want to talk about overlooked, under-allocated, and structurally improving regions where fundamentals and valuation are pointing in the same direction.

This isn’t about timing the next currency cycle or riding short-term commodity moves. This is about positioning capital where risk is mispriced and narratives haven’t caught up to earnings power.

Let’s get into it.