Last year reminded everyone that investing is hard. It can be uncomfortable and unpleasant. Market volatility can diminish willpower and cause determination to waver. The main risk is not portfolio declines. The real risk is that instincts override the discipline investors need to achieve their long-term plan.

In sum, everyone should take a moment to appreciate 2017 and pat themselves on the back. As always, the world offered many causes for concern. You overcame skepticism, remained disciplined, and profited.  

"Anyone who isn't confused doesn't really understand the situation." -Edward R. Murrow

Here is an excellent video on Seafarer's website that illustrates the bottom-up process.

Naturally, Dorian Gray came up in a discussion about emerging market currencies (the connection is obvious right?!). Andrew Foster, founder and portfolio manager of Seafarer Funds, was explaining to us his outlook when impromptu he launched into Dorian Gray.

In the short term, markets are about Psychology;

in the medium term, they are about Economics;

and in the long term, they are about Valuations.

“Emerging markets” is an asset class of developing countries that share little in common geographically, economically, or in size. What does unite them is higher expected returns and higher risk than developed markets.