Updated: January 20, 2017
These days, you might be tempted to buy shares of companies based in places like Europe, Japan or emerging markets.
On the surface there are good reasons to do so.
Europe, for example, is beaten down and still going full blast on quantitative easing, making it look like the continent’s economy has nowhere to go but up.
Japan’s QE program, meanwhile, involves direct purchases of stocks by the central bank: the Bank of Japan is expected to be the largest shareholder in the country’s biggest companies by the end of this year.
And, of course, emerging markets are where the biggest growth is, so why not buy into that, too?
On the surface, this is all sound logic. And a cursory look at asset returns in these regions makes a global bet even more attractive. …