Numerous market commentaries and opinion columns since Russia’s invasion of Ukraine have highlighted the fading investor perception of emerging-market assets. The story so far has played true to the worst emerging market stereotypes that global investors dread. A leader who started by promising stability and prosperity ends up as a thuggish strongman, callous enough to sacrifice the future of his own people in a destructive quest for glory. A country with vast resources and growth potential sliding rapidly down into economic desolation. Global investors who saw the promise and poured in billions, only to see it all evaporate in a matter of days. Political maneuvering by other countries spreads the risk perception and triggers investor panic elsewhere. We have seen parts of this storyline in the past, albeit on a smaller scale.