Emerging markets are in trouble…
The iShares MSCI Emerging Markets ETF (EEM), which holds roughly 800 emerging-market stocks, is down 23% since last September.
And things have gotten even worse recently. EEM has now fallen for the past seven days straight.
John Burbank thinks the strong U.S. dollar is a big reason why…
Burbank founded Passport Capital, a hedge fund that manages $4.1 billion. He made a fortune betting against the U.S. housing market in 2007. Passport Capital’s main fund returned 219% that year.
This year, Burbank’s Passport Global fund has gained 15%, while the S&P 500 has lost 3%. One reason Burbank has crushed the market this year is because he’s made big bets against emerging markets … click here to read the rest of this article … source