A thought-provoking investment research paper arguing that the term "Emerging Markets" has become a misnomer. The report challenges the relevance of the MSCI Emerging Markets Index — now dominated by China (32.4%), South Korea and Taiwan — contending these economies have already "emerged." Instead, it makes a compelling case for Frontier Markets, which average 3.02% GDP growth versus 1.42% for EM, offer lower correlation to the S&P 500, and mirror the high-growth characteristics that originally made emerging markets attractive in the 1980s and 1990s.