How the Dollar Will Be Gradually Eroded by Emerging Market Currencies | Eric Fine & Natalia Gurushina (VanEck Fireside Chat)
Episode publishedPodcast: Forward GuidanceForward Guidance
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Jack: We have a treat on forward guidance today. Emerging markets are extremely important, and I haven't covered them enough. I am so glad to welcome to forward guidance for a fireside chat, Eric Fine, head of active emerging markets debt at VanEck and portfolio of the, VanEck Emerging Markets Bond Fund, and Natalia Gurashina, chief emerging markets economist at VanEck. Welcome to you both.
Eric: Thank you. Hi, Jack.
Natalia: Thank you.
Jack: I want to start with your your stories. How did you get involved in emerging markets? Eric, let's start with you.
Eric: I was born and raised outside the US, so they, you know, that had an influence. I moved to the US from Thailand, and my dad was actually a spy during World War 2, for the US. And, my mother was a career diplomat. And so, that's kinda how I how I grew up and, did my education in the states. And, my first entry into EM was I worked for the US government in Russia.
Technically, I worked for Harvard. This was during an unusual period in the early nineties when the US and Russia had incredibly aligned policies. There was huge huge, common interest, and I built the first clearing system in the country. Russia and the US decided to do a voucher privatization that we decided to do it very quickly, and a 150,000,000 vouchers were issued to everyone over 6 months old. You needed a clearing and settlement system for that.
So 13 time zones, 33 cities. It did not seem cool or interesting at the time. It was definitely none of my friends thought that was interesting. But, it was the country's first clearing system in it and, it's the software onto which the SWIFT payment system was placed. So, you know, it remains at least topical.
And then, I got into research 14 years Morgan Stanley, covering Russia, Bulgaria, South Africa, Poland, you know, the EMEA countries, then I rang Global Research, then I ran Prop Trading, and been at FANAC for 15 years, on the buy side, and, really love it. Never wanna do anything other than EM at, you know, Morgan Stanley. It was considered a a cool thing to be offered to cover developed market economies, and that would happen. And I had never understood why anyone would wouldn't wanna cover Germany or Japan when they could cover Brazil or Russia.
Jack: And why are emerging markets more interesting to you, Eric?
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