January’s publication summarizes two emerging markets outlooks. The first considers how investors may be mistaken in believing that the secular outlook for emerging markets is superior to the cyclical. The second discusses the significant structural headwinds that emerging markets equities face, and argues 2013 may be the year when some of these boil to the surface.

• “You Got to Know When to Hold EM, Know When to Fold EM: The Outlook for Emerging Markets” Peter Berezin, BCA Research, November 2012
• “Global Emerging Markets Strategy Outlook 2013: Liquidity Inflows Do Not Reflect Any Fundamental Shift” John-Paul Smith and Priyal Mulji, Deutsche Bank, December 10, 2012