Lima, Ho Chi Minh City, Casa-blanca, Zagreb: exotic locales whose stock markets delivered equally exotic returns in 2006. Before you consider plowing your kid's college fund into these sizzling bourses, though, bear in mind that the developing world's highfliers are often small, illiquid, and highly volatile. After a 175% run-up in 2005, Dubai plunged by 44% in 2006. And Vietnam may be up 136% this year. But between April and July, it fell by 35%. Its market capitaliza- tion, meanwhile, is all of $5 billion—or about the size of a U.S. mid-cap company.
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