Emerging Markets Are a Must

CHINA'S SHANGHAI STOCK EXCHANGE GOT A FEW BLUE-SKY days late last month, but whether the financial smog will lift is anybody's guess. Until last October, the SSE was one of the Olympians, rising a bubbly 464 percent in just 30 months. Then it caught the backwash from America's subprime collapse and plunged 44 percent. Most of the rest of the world's emerging markets dropped, too—India, down 48 percent;