Africa: The Last Emerging Markets

African capital markets offer an underreported growth opportunity for those with a particularly long investment horizon. We begin with the fundamental thesis of anyone who is bullish on the prospects of humanity: our conditions and wealth have been improving historically, are continuing to improve, and will improve in the near-infinite future at an accelerating rate. This is not to say that there won’t be recessions, crashes, and even daily turmoil in the lives of developing nations, but that in the long term, humanity is doing something very right. However, the African continent has been largely left behind in industrialization and establishment of capital markets relative to the West and even the East – which is actually a great thing for those willing to finance growth and development.

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