Arthur Budaghyan

Chief Strategist

Arthur is currently BCA Research’s Chief Strategist, Emerging Markets Strategy. Since joining BCA Research in 1999, he has been responsible for EM trading strategies and became the Chief Strategist of the Emerging Markets Strategy in 2005. Prior to BCA Research, Arthur worked for a regulatory government agency in Armenia supervising financial markets. Arthur has an MBA from America University of Armenia, a Masters in Economic Policy Management from McGill University, and is a CFA charter holder.

Emerging Markets Strategy

BCA’s Emerging Markets Strategy helps investors understand the EM landscape by merging global research with country specific insights, benefiting both global asset allocators, and dedicated EM portfolios.

Challenge your investment conviction with insights from Emerging Markets Strategy

Emerging Market Strategy

Emerging Markets Strategy

Does EM always outperform in the long run?

March 14 2019

None of the individual EM bourses has outperformed DM on a consistent basis over the past 40 years. EM share performance has exhibited long-term cycles of around seven to 10 years. Getting these cycles right is instrumental to successful investing. EM investing is primarily about exchange rates. We also publish analysis on South Africa’s public debt sustainability.

Emerging Markets Strategy

EMS EM Equity Valuations Part I

January 24 2018

After the significant share price run up, the question for investors is whether EM equities are still cheap or have become overvalued.

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Arthur Budaghyan in the news

Barron's

U.S. Interest Rates Are Rising. Why Emerging Markets Aren’t Worried—Yet

February 12 2021

Emerging markets themselves are in better shape to withstand some centripetal force than in 2013, adds Arthur Budaghyan, chief emerging markets strategist at BCA Research. “Then you had large current account deficits and overvalued currencies across EM,” he says. “The vulnerabilities now are much less.”

Asia Financial Times

Markets bruised by long-short battle

January 29 2021

“The dizzying gains attained over the past few days by the likes of GME, AMC and NAKD on the back of Reddit-engineered short squeezes have raised hopes of similar gains elsewhere,” said Arthur Budaghyan, Chief Emerging Markets Strategist at BCA Research. “Instead, the message from market sentiment and positioning indicators is that equities are ripe for a correction.

CNBC

South Korean stocks had their best year in more than a decade in 2020

January 03 2021

Arthur Budaghyan, chief emerging market strategist at BCA Research, said the South Korean stock market got a boost from its diverse composition of tech and industrial companies.

Barron's

It May Be Time to Dip Into Thailand’s Stock Market. Tread Lightly.

October 23 2020

But King Maha Vajiralongkorn, who has milked royal assets more aggressively since ascending in 2016, has offered no conciliatory gesture. The conflict is too deep-seated for a quick fix, says Arthur Budaghyan, chief emerging markets strategist at BCA Research. “The ruling elite’s fight against the poor people is not going away,” he says. “That’s why the Thai economy will underperform.”

Financial Times

Beware what comes after the easy money binge

September 07 2020

Arthur Budaghyan, chief emerging markets strategist at BCA, argued that, over time, excessive stimulus and easy money policies led either to asset bubbles or a burst of inflation. Both outcomes “bode ill for share prices in the long run”, he said.

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