July 12, 2019   Dear Investor,   Emerging market and other value stocks continue to lag the S&P 500 over the past 18 months. But this obscures a seachange in leadership since the bear market in autumn of last year. During the first nine months of 2018, the S&P 500 obliterated emerging markets stocks, with the S&P 500 exchange-traded fund (SPY) returning +10.36% and the emerging markets exchange-traded fund (SCHE) actually...