Although some emerging-market firms are very well managed, by and large established multinationals still seem to have the edge.
Lenovo is one of several emerging-market firms striving to become global brands.
The founders of emerging-market firms are often impressive, but such firms typically lack the depth of management talent of old multinationals, says Mr Hout.
Emerging-market firms must struggle with limited budgets and unlimited prejudice.
Yet the battle to invent new cures and conquer new markets will grow fiercer, and the distinction between innovative rich-world drug firms and emerging-market copycats will continue to blur.
Investors, says the bank, should buy shares in multinational firms with big emerging-market businesses instead of emerging-market shares and funds.
Plus, many investment advisory firms are now recommending emerging market debt to their retail clients as a means for diversification, and, better yet, actual income.
FORBES: Outside Of Treasurys, Emerging Market Debt World's Best Buy
Conversely, the apparent success of the three emerging-market internet pioneers may prompt Western venture firms to take more interest in developing countries.
It was only a question of time before one of the three firms tried to apply these emerging-market lessons in the West.
ECONOMIST: Internet investment's new champions: The emerging online giants | The
In their little tiny niche of the ETF market, Emerging Global is playing with the big firms at least in terms of product, but not in terms of volume.
It helps Bristol-Myers Squibb play in the emerging hepatitis C market by giving the company full control of the drug the two firms were developing together.
The recent report gives evidence as to how big the market for online video is in Latin America, and what possibilities still lay ahead for investors and firms seeking to capitalize on new trends in emerging markets. (Read Apple To Dominante Tablet Market Through 2015, Google Takes Smartphones).
Emerging managers often pursue innovative investment strategies that are designed to capture market inefficiencies that have not yet been recognized by other firms.
FORBES: 10 Questions To Ask Before Investing With An Emerging Manager
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