Weekend Thoughts. 周末随想 16 November 2025 | 10:52 AM China Standard Time 46/52. 新兴市场⼗年，亚洲五⼤主题。 Past notes: 往期纪要： 44/52。最后两个⽉。 • 41/52. Bubble watch, Komeito surprise, $4900 Gold. 41/52。泡沫观察、公明党意外、4900 美元⾦价。 1/ The EM decade? 1/ 新兴市场的⼗年？ Look for global equities to deliver 7.7% USD CAGR returns over the next 10 years, despite elevated valuations. What's changed vs the past decade is that EM will be in the driving seat this time round – 11% CAGR returns versus US/DM at ~7%. Not surprising earnings will be the p ...