You can see that in the chart below which spans the last two-plus years (since its inception) of the price of SCIF. It's fallen from nearly $24-a-share to Friday's closing price of $10.62.

SCIF Chart SCIF data by YCharts

Like the new "wealth effect" that is beginning to blossom in the U.S. India's economy is just getting started. Sjuggerud told me that's partly because it is one of the last great economies in the world where interest rates are still high.

"Once the Indian Central Bank begins to lower interest rates to help accommodate economic growth the smaller-cap, publicly-traded companies will begin to take off," he opined. "Some of the individual companies in the SCIF-ETF are trading at just one or two times earnings. Once India enters a rate cutting 'virtuous cycle' these companies will begin to trade at higher multiples."

Jim Cramer and Stephanie Link actively manage a real money portfolio for his charitable trust- enjoy advance notice of every trade, full access to the portfolio, and deep coverage of the latest economic events and market movements.

He told his subscribers back in November 2012 the same thing Sjuggerud told me today,"We want to own a basket of smaller companies in India. Our preferred way to do this is to buy SCIF which tracks the MSCI Index. SCIF does NOT hold the same portfolio as the MSCI Index. But it should track the performance of Indian small-cap stocks pretty well."

Then he told me that if SCIF only did as well as it did in the last cycle where Indian stocks hit bottom and soared, the returns may be phenomenal.

"You see, over the five-year span from Dec. 31, 2002, to Dec. 31, 2007, small-cap Indian stocks (SCIF) rose 1,358%, and the upside this time around may be just as good," he said.

Sjuggerud reminded me that this is a speculative investment. He suggested that if you decide to buy some SCIF that you sell half when the ETF is up 100%. As Jim Cramer reminds his TV viewers, "then you get back your original investment and you can speculate with the 'house's' money."

Speaking of the word "house," Sjuggerud's less-speculative investment theme is single-family residential housing. He told me home prices are still a "great bargain."

"Homes are more affordable than ever, especially in places like Florida, Arizona, Nevada, Washington State and even in sections of California. In the Orlando area of Florida the median home price is still around $120,000!"

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