This paper examines the performance of Institutions, Foreigners and Individuals in Emerging Markets. We find that Local institutions produce better outcomes than both foreigners and local individuals on all performance measures. Comparing local individuals with foreigners we find that local individuals perform better on trading execution, while foreigners generate better long term returns. Our results reconcile previously reported differences within the international finance literature on who invests better in an emerging market. Our study makes use of two unique databases of Colombian stocks and acts as out-of-sample test of previous findings. Moreover, we provide evidence that the better performance of Institutions is driven by information advantages.