#48 - Ethos Investment Management founder & CIO James Fletcher on Emerging Markets, Boots-on-the-Ground Alpha, and Building the Next Generation of Investors (recorded 11/10/25)
Description
In this episode, emerging markets specialist and Ethos Investment Management founder James Fletcher joins host Jim Worden to unpack how “Warren Buffett-style” investing can thrive in inefficient markets, and why pairing returns with real-world impact can be a durable edge. James shares how Ethos uses a global network of locally based analysts and BYU Pathway graduates to uncover under-covered opportunities, and how Young Investor Society grew from one inner-city classroom to 3,400 high schools in 80 countries.
What you’ll learn:
- How a boots-on-the-ground research model uncovers alpha in emerging markets
- Why small- and mid-cap stocks in places like India, the Philippines, Kenya, and Poland are so inefficient
- How the Ethos Pathway Fund structure ties management fees directly to funding analysts from underprivileged backgrounds
- The origin and global reach of Young Investor Society, and why high school students can be serious equity analysts
- Where James sees the most compelling EM opportunities over the next 3–5 years (India, Southeast Asia, “Mag-7-adjacent” tech in Taiwan & Korea)
- His nuanced take on China, EVs, and domestic champions vs. multinationals
Chapters:
02:05 – From Brazil mission to emerging markets investor: James’ path to Ethos
04:00 – Launching Ethos and building a locally based analyst team
07:00 – BYU Pathway and the Ethos internship: turning education into alpha
14:05 – Young Investor Society: from one LA classroom to a global program
29:00 – Real-world examples: Philippine ports, Kenyan telecoms, and finding mispriced quality
31:20 – Accessing India and other hard-to-reach markets
34:20 – EM vs. US: currencies, valuations, and why James is bullish on EM now
38:50 – China, EVs, and the rise of domestic champions
46:55 – Scaling the Pathway model and what’s next for Ethos
49:20 – How advisors and investors can think about EM allocations and get involved
Guest: James Fletcher, Founder & Chief Investment Officer, Ethos Investment Management
Host: Jim Worden, Chief Investment Officer, The Wealth Consulting Group
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