BOSTON ( TheStreet) -- Why would an investor buy international growth stocks in 2012 after an abysmal year in developed and emerging markets? Thornburg Investment's Alex Motola, who has made investors money where others have failed, has a few reasons.By all accounts, 2011 will go down as a miserable year for international equities. In developed markets such as France, Germany, Japan and Italy, stock-market indices are down between 17% and 28% this year. In emerging markets like China, Brazil, Argentina and Chile, the losses are as high as 30%. The S&P 500 Index of the biggest U.S. stocks is down only 5% in a record year for volatility.