2022/23 convinced me that fairytales only happen when I trade emerging markets FX, other than the Lizzie/Rishi’s sterling bungee jump last September. But then Britain is now an EM for the first time since the Yorkist Edward IV defaulted on his loans to his Lombard bankers during the Wars of the Roses. I know EM FX also wins the gold medals in nightmares, as any investor in the Lebanese pound, the Turkish lira, the Pakistani rupee, Russian ruble, South African rand and Nigerian naira will tearfully attest. Yet the trick is to embrace the good, hedge the bad and avoid the ugly in the EM FX Premier League and ensure that Dirty Harry never sends his angelic (Ferishta) boys to offer you a software update.
FX today
The Fund Manager
