What A Shower

Fund manager Mark Mobius of Templeton Asset Management was interviewed about investing in emerging markets on the BBC’s Working Lunch programme last week. The interviewer, Nik Wood, began by asking just what an emerging market is.

It was actually the IFC, the International Finance Corporation at the World Bank. They were struggling with what to do with these underdeveloped countries, the poor. They were referred to as underdeveloped, poor, the South, so forth and so on, and … one gentleman from the IFC was in his shower in Washington one morning and he came up with the idea of emerging market which was a more optimistic name.

The shower? I have to wonder what IFC man was up to in the shower when the word “emerging” popped into his head, but I really don’t think I want to know.