The developing markets of East Asia have got the better of many a western fund manager over the years. Usually, it suits the unlucky investor to blame his un-derperformance on Asia's crony capitalists, its weak rule of law or its inefficient capital markets. Perhaps, however, the fault lies in assuming that the various multiples, dividend-discount models and other fancy metrics that they use to value shares in America or Europe should automatically work in Asia as well.
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