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FYI: From 2008 through 2015, the S&P 500 Index returned 6.5% per year, providing a total return of 66%. During the same period, the MSCI Emerging Markets Index lost 2.8% a year, providing a total return of -21%. It managed to underperform the S&P 500 Index by 9.3 percentage points a year, and posted a total return underperformance gap of 87 percentage points. Regards, Ted http://www.etf.com/sections/index-investor-corner/swedroe-em-looks-terrible-time-buy?nopaging=1