Chart Source: Department of Commerce, Company filings, FactSet, Worldscope, Compustat, and Goldman Sachs Global Investment Research. ”EM” refers to Emerging Markets. “DM” refers to Developed Markets.

Chart Source: Department of Commerce, Company filings, FactSet, Worldscope, Compustat, and Goldman Sachs Global Investment Research. ”EM” refers to Emerging Markets. “DM” refers to Developed Markets.