Emerging markets are growing up. They are bigger, stronger and less prone to contagious infection. No longer are they an exotic asset brought in to spice up investors' portfolios. No serious investor can afford to ignore them. Earlier this year, the value of shares on the MSCI Emerging Markets index passed $2 trillion for the first time. As recently as 2002, the index, which groups the shares of 25 big developing countries, was worth only $500 billion.
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