Mr. Hoguet favors a strategic allocation to both hard- and local-currency debt.

WSJ: The Allure of Emerging-Markets Bonds

Mr. Hoguet recommends holding about 2% of an overall bond allocation in emerging-market hard-currency bonds, and about 8% in emerging-market local-currency bonds.

WSJ: The Allure of Emerging-Markets Bonds

It is hard to believe that the managers responsible for such an abysmal capital allocation track record will create enough shareholder to reward investors.

FORBES: Big Write-Downs Usually A Red Flag For Failed Management

Which is going to get you on your skates, working hard to try and gain some revenue back off your time limited allocation of spectrum?

FORBES: Czech Government Halts Spectrum Sales As Prices Rise Too High. What On Earth Are They Doing?

The benefits of more efficient allocation of capital are huge, but they are really, really hard to explain simply and persuasively.

WSJ: Charles Murray: Why Capitalism Has an Image Problem