Where to find the next market meltdown? Perhaps half a world away. Some fund managers believe that emerging market stocks, which have provided great returns (39.5% annually since 2002), are perilously overvalued.rnNo question, countries like China, India, Brazil and Russia are growing much faster than the developed world and are likely to do so for a while—with GDP growth rates of 5% to 11% a year, compared with 3% for the U.S. But there are worrisome signs that the run-up is fueled, in part, by just the sort of speculative money that typically presages a collapse.
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