Yet so far this year, bets on stocks in developing nations like China, India and Brazil have produced far greater losses than those in the domestic market.
So have investors thrown in the towel on the emerging markets? Not in the least. In fact, between January and July, they plowed more than $12 billion in net new money into mutual funds that focus on developing-market stocks
This year, though, the market has shifted. Industrial-oriented stocks have fallen 17 percent, or about seven percentage points more than the broad emerging markets.
Consumer-oriented companies, meanwhile, many of which are catering to the fast-growing middle class in places like China, have held up remarkably well.
I am a skeptic. I am worried about some Asian economies.