Like most citizens of the United States, I had always thought of the U.S. stock market as “The Market.” And I can remember the efforts we made at the big Boston investment house where I used to work to get people to allocate a small amount of money to non-U.S. equities, which mostly meant Europe at the time. Now, with exchange-traded funds, Standard & Poor’s Depositary Receipts, index funds and American Depositary Receipts offering instant exposure to every imaginable country, region, sector, industry and index, investors have every reason to be much more cosmopolitan. So are they? Investment advisors...
