R Squared Capital Management

Recent market events confirm our big picture view. We are and have been bearish on commodities and emerging markets. The spike in commodity prices during the so-called supercycle and the ZIRP (zero interest rate period) in the U.S. created irrationally exuberant conditions in many emerging markets. We are moving from a virtuous circle to a vicious cycle.

This commentary explores what the author believes to be the best opportunities in international investing along with challenges facing investors in developed and emerging markets.