I am also wondering what people thoughts are about buying EM funds right now (I own both Seafarer Growth/income and Value funds). This is based on GMO recommendations (same GMO folks who were wrong about seeing a bubble when S&P reached 1500 a while back) and Research Affiliates (Rob Arnott). According to Mr. Foster (who I believe is a genuine person), one should be investing in China if one has a 20 year investment window. In addition, Mr. Foster recommends buying more if a China downturn takes place. At this point, everyone and their mother is aware of China's debt issues. Also I may have read somewhere that Munger (who is in his 90s) is overweight EM. I realize issues with currency risk,... but I am a fan of buying assets when they are on sale. Wondering if others are pursuing this strategy (Mr. Bogle is probably not with his US focus).