If you look at the growth differential (between the U.S. and international equities markets), it seems to be falling out of favor in the U.S.. You have to start wondering whether you should be putting some more of your money into international stocks.
I think what's happening is a lot of these emerging markets have matured, so a lot of speculative money has disappeared.
The volatility might be in hiding right now.
You've had a huge run. In the U.S. in the last month and a half, you've never seen such a volatile interest-rate environment. You haven't seen that in emerging markets.
The prudent investor may want to take some of their money off the table and maybe they should be looking overseas.
