Amid rout, EM supporters struggle to be heard

In ancient Greek mythology, Cassandra is gifted with prophecy but cursed because no one believes her. When she warns of the coming destruction of her city, Troy, people think she is insane. These days, with portfolio managers fleeing emerging markets for the perceived safety of US Treasuries and other developed-market assets, proponents of emerging markets, particularly China, have taken on Cassandra-like qualities. “People are terrified to defy the consensus that the US, the UK…