jbog, you made the same point previously with respect to pharmaceuticals (#msg-62263932), but you never justified your point with any actual arithmetic.
Let’s look at a few stocks where you claim they fit the emerging market criteria.
HNZ: Over the last four years revenue grew from $10.0 Billion to $11.6 Billion. That represents a growth of 16% or 4% per year. Hardly anything to get excited about even without taking non-organic or price increases in consideration. During the same timeperiod, HNZ’s operating expenses increased 20% so it shouldn’t be hard to figure out that their input costs are of concern. Profits are down. www.google.com/finance?q=NYSE:HNZ&fstype=ii
PG: PG’s revenue increased over the last four years from $79.2b to $82.5b. That’s a total of a whopping 4% or 1% per year. It’s income has dropped $400 mil per year over the last 4 years. www.google.com/finance?q=NYSE:PG&fstype=ii
ABT: Abbott seems like the exception regarding revenue. Their sales increased from $29.5b to $38.8b. I guess the problem would be that their expenses increased faster than their sales, so again, their profit picture has decreased slighty over the four year period. www.google.com/finance?q=NYSE:ABT&fstype=ii
MON: With all the great news for MON, one would be surprised that their sales have increased around 5% over the last 4 years while their expenses grew faster. Again, their profit is 14% lower today compared to four years ago, www.google.com/finance?q=NYSE:MON&fstype=ii
Now, the answer can only be that the rapid rise in emerging markets sales is replacing either sales themselves from existing markets or that everyone's pricing power is non-existent. Any way you cut it, they can't have double digit gains quarterly in emerging markets without total sales growth.
We’ll see what transpires with the commodity groups at a later date.
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