Here's 2017 in a minute.

Now emerging markets have been in a bear market for more than 5 years now,

but they're not one homogenous mass.

If you take a look at how they fare since emerging markets beat,

you can see that Asia has performed very much better.

And that the performance of Eastern Europe and Latin America, two very different parts of the world, is remarkably similar.

That suggests that passive investment that treats emerging market as one block continues to dominate in the stock floors.

There may be advantages for that in a very long term but it suggests that it's difficult still to pick for value on the bottom up basis in emerging market. It's a problem.

Now the other critical measure we need to look at is the currency.

As you can see, emerging market currencies have weakened very dramatically.

They appeared to be recovering but with the advent of Donald Trump, they have weakened once more.

To see a real recovery in emerging markets we need to see those currencies recover,

and whether whatever happens in the first few weeks of the Trump presidency.

And that is the New York Minute