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Rethinking 'Emerging Markets': Diversity and Risks Unveiled

2/15/2026

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Summary

Story summary

The term "emerging markets" is misleading, says Louis Gave, CEO of Gavekal, because it masks the diversity of economies.
Investors are increasingly pursuing global market opportunities, but must assess country- and sector-specific risks rather than rely on broad labels.
Niche ETFs may be less diversified than they appear, as shown by the iShares MSCI South Korea ETF’s concentration in Samsung and SK Hynix.

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Story summary

The term "emerging markets" is misleading, says Louis Gave, CEO of Gavekal, because it masks the diversity of economies.
Investors are increasingly pursuing global market opportunities, but must assess country- and sector-specific risks rather than rely on broad labels.
Niche ETFs may be less diversified than they appear, as shown by the iShares MSCI South Korea ETF’s concentration in Samsung and SK Hynix.