Ignite Markets: Kevin Carter on the Future of Global Investing and Emerging Markets | Ep146

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In this episode of The Ignite Podcast, host Brian Bell sits down with Kevin Carter, founder and CIO of EMQQ Global, to explore the evolution of emerging market investing. Kevin shares his unconventional entry into finance—hired after a 20-minute chat about college basketball—and how reading Burton Malkiel’s A Random Walk Down Wall Street shaped his approach. He explains his shift from active investing to indexing, driven by mutual fund inefficiencies and the long-term benefits of passive strategies.

Kevin recounts his entrepreneurial journey, highlighting his founding of e-Investing, an early fractional share platform sold to E-Trade in just 12 months during the dot-com boom. Recognizing flaws in traditional emerging market indices—particularly due to state-owned enterprises—he founded EMQQ, targeting internet and e-commerce companies that capture true growth potential in emerging markets.

The conversation then dives into India’s position as the next major growth market. Kevin discusses India’s rapid digital transformation driven by the innovative India Stack, enabling 800 million people to access digital banking and fueling a thriving startup ecosystem. He points to platforms like Blinkit and Zepto revolutionizing quick commerce logistics.

Kevin and Brian explore how venture investors can effectively navigate opportunities in India and other emerging markets, emphasizing technology-driven investments, avoiding pitfalls of traditional indices, and capitalizing on India’s potential to drive global economic growth.

Chapters:

Welcome & Guest Introduction (00:00 – 00:38)

Kevin’s Unlikely Entry into Finance (00:39 – 02:15)

The Impact of A Random Walk Down Wall Street (02:16 – 04:25)

Early Mutual Fund Industry Lessons (04:26 – 07:42)

From Active Investing to Indexing (07:43 – 10:15)

The Origins of e-Investing & Fractional Shares (10:16 – 14:55)

Dot-Com Era, Shorting Amazon, & Meeting Burt Malkiel (14:56 – 18:28)

Startup Lessons & Selling to E-Trade (18:29 – 20:10)

India Focus & Investing Post E-Trade Exit (20:11 – 22:25)

The Birth of Active Indexing (22:26 – 24:42)

Direct Indexing Advantages: Customization & Tax Efficiency (24:43 – 27:00)

Google IPO, Private Clients, & India Exposure (27:01 – 31:01)

Why Traditional Emerging Market ETFs Are Flawed (31:02 – 36:27)

The Case for Consumer-Focused Emerging Markets Investing (36:28 – 38:41)

Launching EMQQ and the Power of the Internet in EMs (38:42 – 41:34)

Three Megatrends Converging in Emerging Markets (41:35 – 44:47)

India vs. China – A Digital Leapfrog (44:48 – 48:05)

How VCs Should Think About India (48:06 – 51:09)

Zepto, Private vs Public Markets, and Unicorn Growth (51:10 – 54:02)

Why INQQ and India’s Digital Opportunity (54:03 – 56:53)

The India Stack: Infrastructure for Digital Dominance (56:54 – 01:02:48)

How the India Stack Powers UPI & Fintech Explosion (01:02:49 – 01:06:30)

Entrepreneurship, Startups & Talent in India (01:06:31 – 01:08:09)

Quick Commerce in India & Final Thoughts (01:08:10 – 01:09:38)

Thanks to ⁠⁠⁠Byldd ⁠⁠⁠for sponsoring this episode! Byldd helps startups rapidly build and launch revenue-generating SaaS and marketplace businesses with cost-effective, scalable solutions - ⁠⁠⁠Get Started Here⁠⁠⁠.

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