Things are looking up for the American economy and the American worker.
The investment expert, Antoine van Agtmael, invented the phrase “emerging markets.” Until now, emerging markets were in parts of Africa, Asia, and Latin America. Today, U.S. fund investors have more than $420 billion in emerging markets.
Mr. Van Agtmael thinks the U.S. may be the next emerging market.
He believes the U.S. is at the beginning of a new vitalization of its industries. When he went to China last year, executives there complained about American competition. He said this was “something I had never heard in 40 years in Asia.”
Reasons for these changes include rising labor costs in China and the huge amount of oil and natural gas in the U.S.
The U.S. is ahead of China in cellphone infrastructure, in three-dimensional printing and in the use of robots in factories.
“A decade ago, nine out of 10 companies would tell you they were thinking about building their next plant in China,” he says. “Today it’s more like three out of 10, and maybe five out of that 10, say they want to build in the U.S.”
Mr. van Agtmael says the U.S. is coming back. “My belief is that markets are not efficient, but they are emotional. They are driven by raw feelings. Why has everybody been surprised by how well the U.S. stock market has done lately? Because they’re only beginning to realize the glass is half-full again instead of half-empty.”
This forecast should make everybody happy