What do you assume you get when you put a chunk of capital into an emerging-markets equity fund? Volatility, certainly - the propensity of emerging markets to chase upwards dramatically then retreat in a sickening fashion. But, partly as compensation for that volatility, you also expect fast growth via exposure to the local companies that are well equipped to ride the rapid expansion that comes in countries where optimism and rising aspirations combine with stability and hard work to produce new wealth.
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