Emerging market stocks are cheap, say Bank of America Merril Lynch analysts, and they've got this fun chart to make the point.
Chart oversells EM cheapness, but 'Atlas Mugged' so plaudits to BAML. pic.twitter.com/ZW8uw1vg3o— Paweł Morski (@Pawelmorski) February 4, 2014
Comparing the entire free float market cap of emerging market countries to individual companies, they show that you can snap up EM stocks for relatively little.
The whole of South Africa's free floating equity will set you back a little more than the cost of General Electric, and Starbucks is slightly more expensive than Turkey's offerings.
For those struggling to get the "Atlas Mugged" pun, it's a reference to the best selling (but quite onerous) political title "Atlas Shrugged".