Jerome Booth learnt his first lesson about the emerging markets in Calcutta. An 18-year-old visiting the subcontinent with Oxfam before going to university, he asked the local Oxfam office how he could help – and they laughed, before sending him on a tour of cyclone-stricken Orissa.

Nearly three decades later, Booth smiles at the memory. It taught him that goodwill can only get you so far. Today, he has somewhat more to offer. He is head of research (and the second-largest shareholder) at emerging markets fund manager Ashmore Investment Management.