In short: Reiterates a bullish view on EM equities. The case holds three ways: strong even excluding Taiwan + Korea (equal-weighted, after a big breakout), strong in local-currency terms (not just a weak-USD story), and boosted by SK/TW AI. IEMG (which includes Korea) has more than doubled VWO's YTD — a real AI-stock impact for EM investors.
IEMG and VWO are the two biggest emerging-market index funds, and the gap between them tells a story. The key difference: IEMG includes South Korea; VWO does not. This year IEMG has gone up roughly twice as much as VWO — and since the main thing IEMG has that VWO lacks is Korea (a market dominated by AI-chip giants like Samsung/SK Hynix), that gap is basically the "AI premium" inside emerging markets.
But Thomas's bullish call on EM doesn't rest only on that AI boost. He stresses EM is strong in three independent ways: (1) even if you strip out Taiwan and Korea entirely and weight the rest equally, EM still broke out and ran hard; (2) it's strong measured in each country's own currency, so it isn't just a story of a weak US dollar flattering the returns; and (3) on top of those, it gets the Korea/Taiwan AI tailwind and a weak dollar. When a trade works for several unrelated reasons at once, the case is more durable — which is why he reiterates a bullish view on emerging-market stocks.
Nothing matches this filter.
Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.