New study shows developed markets still the best way to profit from EM growth. : Year after year, Wall Street and investment advisers continue to assert that emerging markets are a good investment. A Google search shows recommendations from the likes of Lazard and Goldman Sachs, while luminaries such as Jeffrey Gundlach, Jeremy Grantham, and Rob Arnott say EM is the place to be over the next seven to 20 years. Well, it certainly hasn’t been the place to be over the past decade.