Every Market is Now an Emerging Market: Re-mapping Global Risk
Hewlett Foundation's Luis Laboy argues all markets face 'emerging market' risks, demanding dynamic portfolio construction and bias-free manager selection.
Luis Laboy: Why Every Market Is Now an Emerging Market | Hewlett Foundation
With Luis Laboy · Sunday, July 26, 2026
The episode features Luis Laboy, a director of public equities at Hewlett Foundation, discussing his career path from mechanical engineering to emerging markets investing and eventually to institutional allocation. He shares insights on portfolio construction, manager selection, and adapting investment strategies to dynamic market conditions, including his philosophy on identifying disruption risks and avoiding buzzwords. His core philosophy emphasizes understanding evolving market dynamics, such as the idea that "every market is now an emerging market," and building a manager selection process that leverages past experience while mitigating cognitive biases.
Key takeaways
- Luis Laboy, a director at Hewlett Foundation, posits that traditional distinctions between developed and emerging markets are obsolete, as all now contend with heightened geopolitical, social polarization, and policy risks. Read more →
- Luis Laboy, director of public equities at the Hewlett Foundation, forged his investment philosophy on a fundamentally contrarian mindset, honed by lively family debates and a belief that "There's no premium in consensus thinking, right?" Read more →
- Luis Laboy's career shifted dramatically when his boss Marco challenged his approach: "You're trying to be right rather than make money. And our job is to make money." This direct feedback, delivered during a performance review, sparked a fundamental recalibration. Read more →
3 articles from this episode
Laboy: No Premium in Consensus Thinking, Every Market is Emerging
Hewlett Foundation's Luis Laboy details his contrarian, top-down investment approach, arguing that "every market is now an emerging market.
Laboy: The LP Pivot from 'Being Right' to 'Making Money'
Hewlett Foundation's Luis Laboy on recalibrating decision cadence after a near-firing, and how his manager marketing past sharpens LP due diligence.
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