Botswana & Ghana: Bizarre valuation gaps due to herd behavior
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In the last ten years there has been a wide variance in investment returns across regions. The US and to a lesser extent other developed markets have delivered strong returns while emerging markets have lagged. Many African markets have fared even significantly worse than other emerging and frontier markets. While US equities rose more than 350% in ten years, the investment return for Ghanaian equities was even negative in USD terms.