The dangers of judging the investment world by decades and the short memories of most investment analysts and advisors has never been more evident. The end of the decade of the "noughties" has resulted in a deluge of commentaries focusing on the huge outperformance of emerging markets in general and Asian ones in particular compared with the west and developed world in general. Most of the latter are lower now than they were a decade ago while emerging ones (headed by Russia) are showing gains of up to 1,000 percent.