#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)

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 marketsWhy small- and mid-cap stocks in places like India, the Philippines, Kenya, and Poland are so inefficientHow the Ethos Pathway Fund structure ties management fees directly to funding analysts from underprivileged backgroundsThe origin and global reach of Young Investor Society, and why high school students can be serious equity analystsWhere 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 Ethos04:00 – Launching Ethos and building a locally based analyst team07:00 – BYU Pathway and the Ethos internship: turning education into alpha14:05 – Young Investor Society: from one LA classroom to a global program29:00 – Real-world examples: Philippine ports, Kenyan telecoms, and finding mispriced quality31:20 – Accessing India and other hard-to-reach markets34:20 – EM vs. US: currencies, valuations, and why James is bullish on EM now38:50 – China, EVs, and the rise of domestic champions46:55 – Scaling the Pathway model and what’s next for Ethos49:20 – How advisors and investors can think about EM allocations and get involved Guest: James Fletcher, Founder & Chief Investment Officer, Ethos Investment ManagementHost: Jim Worden, Chief Investment Officer, The Wealth Consulting Group Follow usLinkedIn: The Wealth Consulting GroupX (Twitter): @WealthCGYouTube: @thewealthconsultinggroup Making Life Better at The Wealth Consulting GroupIf you’re ready to see how WCG helps advisors grow, subscribe for insights, updates, and resources built to make your practice—and your life—better.Subscribe at bit.ly/wealthcg