They're Hot in the U.S. But Even Hotter Abroad

As robust as investments in mutual funds based in U.S. stocks have been, their growth seems anemic compared with the boom in overseas funds. On average, foreign mutuals have soared nearly 30% so far this year. A distinct scent of euphoria surrounds "emerging markets" in Asia and Latin America, as U.S. money cascades in and pushes them to new heights. As this speculative bandwagon gathers speed, more investors clamber aboard. Americans plowed a record $7 billion into overseas funds in 1992, plus $21.7 billion more in the first nine months of this year. It's hard to argue with double-digit gains, no...