Following the flows of funds may provide interesting clues as to where investment opportunities still lies. EM are probably one of them.
Early 2007. HSBC had to concede it had deep financial troubles related to the US real estate market. The word « subprime » was starting to spread. Key players in the US real estate market, such as New Century, were also getting destroyed by the same rising tide. It was the start of the most important financial crisis in history since 1929.