Should we fear an Asian tech bubble?

For students of emerging markets, one of their most fascinating aspects is the degree to which the asset class changes over time. When MSCI launched its EM Index in 1988, Malaysia was the largest country in the benchmark. China did not enter the top five until 2003. Not only do countries rise and fall in influence, so do sectors with some profound implications for performance. EM equities used to be a geared play on the commodity cycle, but since 2011 this correlation began to break down and from the start of last year it inverted.  Some of this is due to falls in commodity prices and...