"Will the inevitable economic rise of China and India mean that these dynamic markets will produce outsized returns for those brave enough to brave their markets? A very good question, but I’m betting no. Remember, equity prices are based on per-share metrics, and in nations with inadequate shareholder protection, outstanding equity gets diluted faster than iced tea on a hot day. Despite China’s ten percent annual economic growth and the recent torrid performance of its stock market, its real long-term returns over the past fifteen years have been negative. (And forget Russia: its ascent is linked directly to the buoyancy of the commodities markets. Not only is this unlikely to persist, but natural resources are a well-known developmental curse.)" - Sanjeev Singh