Evaluating active managers in less crowded markets
SUMMARY
INTRODUCTION
Intuitively, less crowded markets should offer more business opportunities, so in investing, it should be easier to generate alpha in emerging markets than in developed ones. Apple (APPL) is covered by dozens of research analysts scrutinizing the company, its competitors, its clients, its regulators, and the rest of its ecosystem in real time. In contrast, plenty of companies in other markets receive very little attention. In Singapore, the government has started paying brokers S$6,000 each time they publish a report on a Singapore-listed stock.