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(1,926)      Richard Kang: Clearly, the emerging markets theme
is very hot right now, especially for those investors who have
traditionally focused on the U.S. and developed world. Many
investment vehicles focused on developed markets offer little
yield. Returns are as volatile as they could be anywhere; for
example, the S&P 500 has gone down 50% twice in the last 10
years—once when the bubble burst and the other because of the
global financial crisis in 2008. All markets are related to one
another. Whether you go to Japan or Europe, what's the benefit?
So for many reasons emerging markets are hot. The problem with
emerging markets is the practicality of investing—they're often
non-transparent and illiquid. You can't short them even if you
want to. Sometimes they're hard to access, like India for
example, and they're expensive to access when you consider
trading costs, fund fees and oth