Whatever Happened to Emerging-Markets Stock Funds?

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Emerging-markets countries are making more things, delivering more services, consuming more wares. Monies are being spent. But much of that cash does not make it to shareholders. 
It is squandered on profitless corporate expansions (empire building); or placed into government officials’ pockets; or siphoned off to a CEO’s friends and family.
The lesson of emerging-markets stock funds: Corporate governance matters, greatly.
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