I currently invest in a handful of index funds that includes U.S. equities, U.K. equities, some emerging markets, and some Asian equities.
But I have in mind that the West is eyeball deep in debt, and I am second-guessing my current asset allocation.
What risks are there in focusing my investment portfolio on Asia/Emerging markets funds instead? (Maybe even China?)
Aside from the possibility that I'm wrong about how equities in the West would perform given the debt levels that concern me, what else is wrong with focusing on less developed markets? What am I missing?