Emerging Markets are where the real value is: a good call for the bottom is the recent crises in Argentina not particularly affecting other Latin or emerging markets. China is a good long term bet as is Israel, Russia looks ridiculously cheap, mostly huge oil companies with massive assetts such as Lukoil and Gaszprom trading on p/es of 3-4! Russia showing signs of better days IMHO. Also much less risky markets are Poland Hungary and the Czech Republic (the PSE PX50 is less than five years ago!), and if these countries have not made a lot of progress then I am a martian. I have taken a position in Barings emerging europe investment trust as buying direct is difficult