3 Comments

Nice work - I believe the 20% appreciation from 03-07 is in part due to USD inflows looking to buy equity in Nigeria, among other things. at that time there was a boom in EM/FM investing. The stocks peaked before the GFC and have never recovered to those levels. I wonder if that trend is observable in the Egyptian Pound and other popular EM/FM investing locations in that period.

Expand full comment

Good note. And I agree the IMF is always wrong! LOL

Expand full comment