Several readers of Friday’s column responded that emerging-markets shares haven’t lagged solely because their companies have disappointed. They also have been discounted. Whereas emerging-markets equities once commanded relatively high price/earnings multiples, they now sell for less than developed-markets stocks--particularly those of the United States.
Meaning that the article might have been a contrarian signal. When an asset performs so poorly that even Rekenthaler notices, that could be because the investment has rock-bottom, with nowhere to go but up.