What a $20 Million Horse Race and the Stock Market Have in Common: The Emerging Market Derby of 2026

It is hard to escape the similarities between the modern market and the wagering structure of the sport of horse racing. So, with the recent completion of the Saudi Cup, a race with $20 million in prize money that dwarfs the rest, I decided it was not too soon to play the horse-race card again. After all, media outlets everywhere are promoting the fact that capital is beginning to migrate from stretched U.S. valuations toward emerging markets. Those smaller markets now drive a majority of global growth i ...