The hottest Emerging Markets Substack posts right now

And their main takeaways
Category
Top Business Topics

The Secret Behind Nubank and Mercado Libre’s Rise to Market Dominance

The Wolf of Harcourt Street • 539 implied HN points • 17 Oct 24
đź’Ľ Business Emerging Markets
  1. Nubank and Mercado Libre are successful because they used technological leapfrogging. This means they skipped older technology and went straight to using modern solutions, like mobile banking and digital payments.
  2. They took advantage of large numbers of people who had never used banking services before. By being mobile-friendly, they turned non-users into active customers quickly.
  3. Having low switching costs made it easy for users to adopt these new technologies. Since there were not many old systems to replace, people could easily try out and stick with these services.

Top Links 1021 Asia as manufacturing hub. Revaluing the RMB. Golf in DC & Endgame.

Chartbook • 400 implied HN points • 22 Feb 26
đź’° Finance Emerging Markets
  1. Manufacturing employment is rising across Asia and the Pacific, reinforcing the region's role as a global manufacturing hub.
  2. There is renewed focus on revaluing the RMB, a development that could shift trade balances and international financial flows.
  3. Coverage also highlights political and cultural pieces like "Golf in DC" and "Endgame," pointing to debates about power, influence, and the dynamics of contemporary politics.

Top Links 980 Rents in Austin. Vietnam overtakes Thailand. Taylor Swift's earnings & Adorno on fascist car doors.

Chartbook • 357 implied HN points • 12 Jan 26
đź’° Finance Emerging Markets
  1. Austin's rent levels shed light on how the Texas housing market works. Local supply, demand, and policy choices are shaping affordability there.
  2. Vietnam has overtaken Thailand, signaling a notable shift in regional economic standing.
  3. Taylor Swift's earnings show how much money top artists can make from music and business deals. The mention of Adorno's 'fascist car doors' brings a cultural theory angle on how objects and design can carry political meanings.

How VCs and Startups can beat currency depreciation 🌍

The VC Corner • 259 implied HN points • 15 May 24
đź’Ľ Business Emerging Markets
  1. Emerging markets face big challenges because their currencies often lose value quickly. This makes it hard for investors to see good returns.
  2. Venture capital can be a smart way to invest in tech startups in these markets, targeting companies that can thrive despite currency issues.
  3. Look for signs of potential like high smartphone use and government support for tech growth, as these can help identify promising investment opportunities.

"I Expect A Crash": Harris Kupperman

QTR’s Fringe Finance • 32 implied HN points • 05 Feb 26
đź’° Finance Emerging Markets
  1. A big market crash is expected, but policymakers will keep injecting liquidity to prop up asset prices, so strategies that benefit from those liquidity pulses can still do well.
  2. Focus on transactional and croupier businesses—brokers, exchanges and other market intermediaries—because they profit from asset-bubble activity and the migration of wealthy capital.
  3. Favor precious metals and select emerging markets while avoiding many real-economy and tech bets, since policy appears aimed at maximizing asset values rather than broad economic prosperity.
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đź“Š The largest public companies in Africa and the world

Afridigest • 27 implied HN points • 10 Jan 26
đź’Ľ Business Emerging Markets
  1. The largest public companies in early 2026 are led by semiconductor and tech giants like NVIDIA, TSMC, and ASML, while banks and big e‑commerce firms top other regions.
  2. Africa’s biggest listed company is Naspers (~$52B), and much of its value comes from overseas investments (notably a Tencent stake) rather than building local infrastructure.
  3. By contrast, Mercado Libre (~$111B) grew by creating Latin America’s e‑commerce and fintech infrastructure, highlighting the open question of whether African markets can yet produce a similar homegrown mega‑cap.

2024 Market Musing

Modern Value Investing • 255 implied HN points • 26 Dec 23
đź’° Finance Emerging Markets
  1. Consider tax avoidance strategies when anticipating near term stock returns.
  2. Be cautious about the US stock market due to concerns about monetary policy and inflated valuations.
  3. Explore investing in emerging markets like South East Asia and China for potential growth opportunities.

Networked Conviction 002

Investing 101 • 9 implied HN points • 24 Jan 26
đź’° Finance Emerging Markets
  1. India’s tech scene is following a path similar to China’s around 2010, which suggests a big multi-year opportunity as local companies scale and markets mature.
  2. The idea that "software always wins" is overextended—software valuations and expectations are cooling, so investors should be more selective and update their outlooks.
  3. A rapid, raw approach to sharing investment ideas helps surface connections between theses and exposes where real conviction (or doubt) lies.

Do emerging and frontier markets diversify?

Klement on Investing • 1 implied HN point • 03 Mar 26
đź’° Finance Emerging Markets
  1. Correlations between developed, emerging, and frontier markets rise as the investor’s time horizon lengthens, so diversification benefits shrink over longer horizons.
  2. Despite higher long-run correlations, optimal minimum-variance portfolios still hold a meaningful share of emerging and frontier markets—typically around 20% or more—even at the longest horizon tested.
  3. Typical investor allocations to emerging markets (around 10–15%) are likely lower than the allocation suggested by these optimal portfolios, implying many investors may be underinvested.

All growth isn't equal: Categorizing Africa's fastest-growing economies

Afridigest • 27 implied HN points • 09 Dec 25
đź’Ľ Business Emerging Markets
  1. By 2026, eleven of the world’s fifteen fastest-growing economies are expected to be in Africa.
  2. That growth isn’t the same everywhere — some countries are booming from resources, others from policy changes or demographic trends.
  3. Saying many African economies are fast-growing makes a catchy headline, but it hides big differences in how sustainable and widely shared that growth really is.

The Africa Smartphone Market Edition

Why is this interesting? • 361 implied HN points • 16 Oct 24
đź•ą Technology Emerging Markets
  1. Emerging markets have unique brand competition, different from the flashy campaigns seen in the U.S. It's often more about creativity and connecting directly with local consumers.
  2. Companies like Tecno are gaining popularity in Africa because they cater to local preferences, like multiple SIM slots, which appeal to users who need more connectivity options.
  3. Advertising in these markets tends to be more genuine and less polished, focusing on grassroots efforts rather than big budget promotions to grab attention.

Checking in on Chinese lending to developing countries

Klement on Investing • 4 implied HN points • 29 Jan 26
đź’° Finance Emerging Markets
  1. China’s net lending to developing countries has reversed since about 2019, so it now receives more in debt repayments than it issues in new loans.
  2. China remains a major financier for low-income countries, but slower Chinese growth and smaller surpluses have sharply reduced the flow of new loans.
  3. The credit quality of borrowers has deteriorated to roughly CCC+, making it more likely China will accept commodities or asset swaps and gain control of infrastructure when borrowers can’t repay.

CEO of DeepSeek's parent, High-Flyer Quant, spoke in 2020

Pekingnology • 143 implied HN points • 27 Jan 25
đź’° Finance Emerging Markets
  1. High-Flyer Quant uses AI for its investment strategies. They rely on advanced models and lots of data to predict stock prices and make trades.
  2. The Chinese stock market is seen as less efficient, which gives AI-driven strategies a chance to find opportunities that traditional investing might miss. This leads to potential higher returns for the right strategies.
  3. As more institutions enter the market, competition will increase. High-Flyer focuses on research and development to stay ahead in this tough environment.

On building data-driven VC in Emerging Market firsthand

nonamevc • 8 implied HN points • 13 Aug 25
đź’Ľ Business Emerging Markets
  1. Data tools are essential for managing investments in multiple frontier markets. Without them, investors risk falling behind the competition.
  2. It's important to build a strong database that reflects local conditions since emerging markets don't follow the same growth patterns as startups in places like Silicon Valley.
  3. Combining different data signals provides better insights. Just looking at one metric isn't enough; you need to see the bigger picture to make smart investment decisions.

Rebuilding Ukraine could be top European investment theme of 2026

Klement on Investing • 1 implied HN point • 07 Jan 26
đź’° Finance Emerging Markets
  1. If the war ends, a large reconstruction boom in Ukraine could start quickly and create big demand for rebuilding infrastructure and homes.
  2. Rebuilding Ukraine could become the top European investment theme in 2026, drawing capital into construction, materials, and related services.
  3. Political developments that lead to a truce will strongly influence the timing and scale of these investment opportunities, so policy moves will matter for investors.

Announcing Odyssey Energy Solutions' Series A

Equal Ventures • 19 implied HN points • 19 May 23
đź’Ľ Business Emerging Markets
  1. The clean energy transition is expected to rapidly grow in emerging markets, with renewables meeting the majority of new power demand.
  2. Odyssey Energy Solutions offers a platform that streamlines the development, financing, and operation of clean energy projects in emerging markets.
  3. Despite early struggles, Odyssey Energy Solutions successfully secured a Series A funding of $14.5M to expand its offerings and reach into new markets.

Global is the Real Frontier

Equal Ventures • 19 implied HN points • 16 Mar 23
🌞 Climate & Environment Emerging Markets
  1. The business case for clean energy transition in emerging markets is stronger than in developed markets due to lack of centralized infrastructure, making decentralized clean energy solutions more cost-effective and environmentally friendly.
  2. Emerging markets offer a lucrative opportunity for the clean energy transition, with renewables capacity projected to surpass the US significantly, demanding substantial investment of over $1 trillion by 2030.
  3. Bridging the gap in digital technology and access to capital in emerging markets can accelerate the leapfrogging of outdated energy infrastructure, creating a ripe field for climate tech companies and digital solutions.

Introducing Onmeta on Ronin!

Ronin’s Newsletter • 49 implied HN points • 18 Aug 23
đź”® Crypto Emerging Markets
  1. Onmeta partnership gives more options to exchange fiat for crypto on Ronin, benefiting users in India and the Philippines.
  2. Onmeta enables UPI, bank transfers in India, and GrabPay, GCash, PayMaya in the Philippines.
  3. Onmeta allows for microtransactions as low as 100 INR or PHP, settling in less than 60 seconds, making token access faster for gamers.

Everything you wanted to ask about the pricing in B2B SaaS | Alex David (Corrily, Segment, Simon-Kucher)

nonamevc • 8 implied HN points • 08 Dec 23
đź’Ľ Business Emerging Markets
  1. Consider different stages in pricing strategy based on company revenue: early stage, growth stage, and scaling stage.
  2. Placement of pricing function within a B2B SaaS organization can vary in sales, product, or finance/operations departments.
  3. Testing pricing changes, preventing price anchoring, and understanding rational buyer behavior are crucial in B2B SaaS pricing.

Emerging Markets... and maturity....

Musings on Markets • 0 implied HN points • 24 Aug 09
đź’° Finance Emerging Markets
  1. Emerging markets are now focusing more on individual companies instead of just macroeconomic factors. This means people are paying closer attention to how well companies are run and their financial choices.
  2. In the past, most business valuations in Brazil were done in US dollars due to distrust in the local currency. Recently, there's been a shift to using the Brazilian Reais, showing more confidence in the local economy.
  3. Brazilian companies are increasingly focusing on domestic investors rather than just attracting foreign ones. This shows that the market is maturing and recognizing the importance of local investors.

Global smartphone shipments rise 5% in Q3 2024

philsiarri • 0 implied HN points • 04 Nov 24
đź•ą Technology Emerging Markets
  1. Global smartphone shipments went up by 5% in Q3 2024, which is the best it's been since 2021. This means more people are buying new phones than before.
  2. Samsung and Apple were the top smartphone sellers, with strong sales from new models like the iPhone 16. These companies have been successful in reaching both developing and established markets.
  3. Emerging markets like Southeast Asia and Latin America are growing the fastest due to competition and price incentives, while rich countries see more demand for high-end phones with smart features.

Data update for January 2009

Musings on Markets • 0 implied HN points • 20 Jan 09
đź’° Finance Emerging Markets
  1. Equity risk premiums and default spreads dramatically increased in 2008, making companies worth about 40% less today than the year before, even if their earnings and ratings stay the same.
  2. During a crisis, emerging markets suffer the most, and risk premiums for these markets have also risen significantly, affected by higher premiums in developed markets.
  3. Although market multiples look cheap right now, the accounting numbers are outdated, meaning the full impact of the crisis isn’t reflected yet, and an update is expected in May 2009.

Slippery Slope: An Interview with Citigroup's Edward Morse

The Octavian Report • 0 implied HN points • 23 Dec 25
đź’° Finance Emerging Markets
  1. Since 2014, U.S. shale plus oil sands and deepwater supply made oil much more responsive and eroded OPEC’s price power. That structural change likely keeps oil in a roughly $40–$65 per barrel range in the medium term.
  2. Renewables, natural gas, and electric vehicles are slowly eating into oil’s remaining strongholds (transport and petrochemicals), so fossil fuels’ share of energy should shrink long term and petrostates face capped revenues and greater fiscal stress.
  3. Improved productivity and cost declines have opened real opportunities in unconventional and deepwater plays (e.g., Argentina’s Vaca Muerta, Mexico, North Sea, Gulf of Mexico, Brazil), though geopolitical shocks like a Saudi–Iran conflict could still cause sharp, but unlikely, price spikes.

🎧 🧱 Sid Sridhar | Finding PMF in Africa

Tippets by Taps • 0 implied HN points • 07 Nov 24
đź’Ľ Business Emerging Markets
  1. Building fintech products in Africa can be challenging but rewarding. It's important to understand the unique operating environment in emerging markets.
  2. Finding product-market fit is crucial for startups, and it can come with various operational hurdles. Learning from those challenges can drive growth.
  3. Transitioning from a large company to a startup requires a different mindset. It's useful to know how startup operations differ between developed and emerging markets.