The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
NEW YORK (ETF Expert) -- Back in 2009, a flood of easy money worldwide sparked super-sized gains for the emerging markets -- moreso than their developed world counterparts. Granted, stock assets for industrialized and developing regions were both remarkable. Yet the best investment profits involved commodities, materials and rapid-fire economies with the most "stuff."
By mid-2010, the industrializing world found itself tightening fiscal and monetary policies to curtail runaway prices. Toss in the eurozone's sovereign debt crisis, and it wasn't long before investors began to abandon resource-rich Asia, Latin America, the Middle East and Africa. In contrast, the Fed's additional quantitative easing measures (QE2 and QE2 1/2) continued to support U.S. equities in 2010 and 2011. In other words, while the U.S. was reflating assets to battle perceived deflation, the industrializing economies were letting the air out to fight inflation.
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