In the case of France, the loss of localness means investors can bet on the stock market of a country "with a gloomy economic outlook, a zero growth and rising unemployment rates" and expect to make money, Mr. Vinerier said.

WSJ: French Shares Enjoy a Central-Bank Tailwind

And there is nothing about localness that inherently, other than some periods of luck like the tech boom linked to Silicon Valley if you were in the Bay Area--but other than some, you know, kind of lucky quirks like that, there's nothing about localness which tends to breed superior investing.

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