After the Fall
针对1997-1998年新兴股市表现不佳，作者认为这不过是高波动的极端体现，新兴市场仍是全球股票组合的分散化工具，且问题正在逆转，长期潜力未变。
Given the disappointing performance of emerging stock markets in 1997 and1998, it is understandable that investors are now questioning the role of these markets in long-term asset allocations. With emerging markets investments appearing more unstable today than they did just three years ago, do the benefits still outweigh the risks? The author sees the declines of the past two years as nothing more than an extreme manifestation of the high volatility that makes emerging markets a diversifying addition to a global stock portfolio. The problems behind the recent plunge are reversing, and there are no indications of fundamental changes in these markets that would lessen their long-term potential.