Very interesting read on the state of the U.S. economy in the 19th century, when the U.S. was considered an emerging market, and the comparison to what is now happening in China. The lesson: Emerging markets aren’t lucrative investments just because they are “emerging.” They deliver higher returns only after they have been battered, as China is being battered now. A study of more than a century’s worth of investment returns shows that emerging markets deliver their best results not when hopes are highest, but after they break investors’ hearts.