With the US economy settled in a fitful, sluggish recovery, it seems increasingly likely its natural growth rate is lower than in the past.
Maybe the twin drags of financial sector deleveraging and an ageing population will make US investors do what years of exhorting by their financial advisers failed to achieve: reconsider the domestic bias of their portfolios and look to the developing world.
It is worth pausing, however, to ask: are we investing the right way in overseas markets? The answer may be no.
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