For the first time in four decades, investors in the US and other rich economies are looking for a portfolio strategy that can win against elevated inflation and recession both at the same time. No one knows what shape such a stagflation playbook will take, but one thing seems certain: it will include some emerging-market assets. Stocks and bonds of poorer nations have sunk this year amid Federal Reserve tightening and runaway consumer prices, and may sell off even more if the global economy stalls. Yet, it is in pockets of emerging economies that antidotes to stagflation exist: faster growth, accommodative policy ... (full story)