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2008 marked the end of a long bull run in emerging markets that started in 2003. After surging an as...

2008 marked the end of a long bull run in emerging markets that started in 2003. After surging an astonishing 400% during the previous five-year period, in 2008 the MSCI Emerging Markets Index declined by more than 50% in US dollar terms. During the five-year bull market, there were significant performance differences between various regions and investment categories. For example, the Bric and Latin American indices jumped as much as 700% while Eastern European markets soared 500%. The recent fall is the natural cyclicality experienced in equity markets with bull and bear markets. The imp...