Craig Karmin in the Wall Street Journal comments on the positive run in many foreign markets. Investors should be somewhat wary of the run in emerging market equities due to rising valuations and some one-time effects that may have played out.

A somewhat more positive story is playing out in Japan where a real change in the economic fundamentals has driven a strong run in Japan’s equity market. If Japanese investors who heretofore have been reluctant to embrace this rally do, there is a potential for a longer run.

Paul J. Lim in the New York Times on whether the dismal decade for growth investors has turned. 2005 has seen growth edge value due in part to the poor performance of financial stocks that dominate value indices. This time around growth stocks are more uniformly distributed across industry sectors, so if growth outperforms technology will not necessarily be the dominant mover.

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