True, the Korea Composite Index has risen 2% this year in dollar terms but it's 47% lower than it was 12 months ago.

FORBES: The Korea discount

True, but the relative weighting is very close to that of the index.

FORBES: Truth in packaging

This has been true over the past five years taken together (when the Morgan Stanley World Index has averaged an 18.3% annual return) and also in every calendar year except 2005, when the return was shy of its historical (post-1926) performance by a whisker.

FORBES: Another New Era