Michael Murray: choosing the safest paths into emerging markets is critical because all far away fields look green

Despite recent setbacks, emerging markets have delivered stellar returns for investors over the medium term. Selectively chosen, they should present substantial opportunities in the future. But those who take the wrong route – or invest remotely – stand a very high risk of “losing their shirts”.

The “toe in the water” approach is to choose large multinationals that have a strong, long-standing foothold in emerging markets selling strong global brands to their rapidly ...