I think Brazil is going to continue to go up and down. But I don't doubt over some extended time people can make money.
To a certain extent, the China story is easy to absorb. It's the most populous country in the world; it's moving rapidly up the economic ladder; it's going from bikes to cars. But it's tricky because that doesn't get to the point that a fast-growing economy means your investment is going to do well.
Generally, what's driving performance is technology exposure.
Single country emerging market funds are very volatile. Do you need a Korea fund? The answer is no. Nobody needs a Korea fund.
It's not a tame fund. It goes its own way.
It's part and parcel of the globalization of the world market.
You've got to have a 10- or 15-year horizon on this.
Tech is a big part of emerging markets coming back.
Most people don't need an emerging market fund, I don't think. That doesn't mean many don't.
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