Emerging-Market Skepticism Near Lehman Collapse Level: Chart

Investors are as skeptical on emerging-market stocks as any time since the aftermath of the collapse of Lehman Brothers Holdings Inc.

Price-to-book values are about the lowest since early 2009. Whenever the valuation measure for the MSCI Emerging Markets Index of 838 stocks from China to Russia and Brazil has gotten this low, developing-nation shares have tended to rally, including about a doubling in value in 2009.

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