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Frankly, and with selective/notable exclusions, India and China are to the point where they scare me. Valuations in some companies have gotten to the point where I cannot understand where/how the growth's coming from. To me, investing there has become to tantamount to religion--part faith and part scientific. There's a degree of that in all investing, but it's gotten to the point where the faith overweights science. That's storybook investing, and while it can do well, I think there are a few people that remember the likes of CMGI in or around '99. How could they lose? Well, they did.

I'm a bit of a contrarian, inveterate some might say. That in mind, I'm also looking at places where money's not yet gone en masse--parts of Latin America look very interesting, and Russia for the prospect of continued economic/political reform sometime in my lifetime. Let me be clear: Russia really scares the hell of me. But I'm not the only one, and it's created some very attractive valuations.
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