The Emerging Market Play Is Alive And Well

For a lesson in the volatility of emerging markets, this year provided a textbook example. After the spectacular runup in stock markets from Brazil to Taiwan last year, the bubble seemed to burst. In Turkey, the roller coaster lifted the price index of Turkish stocks by 500%--then lopped off 25% of those gains this year. In Mexico's bigger market, investors experienced a euphoric 63% rise through January and a 22% decline since then.

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