I have always considered myself to be a value investor first and a trend follower second (buy value and sell on trend reversal or extreme diversion). Keeping this in view, most of my portfolio these days is focused in emerging market equities (asia ex japan, and some eastern europe and latin america) apart from natural resources (mining and oil). I hope you are not scared away after reading the above line as some of these regions and sectors are down 50+% if not more over the last few years. Of course I wasn’t buying them several years ago, but have only started to add to them in the past 6-10 months as the valuations are just too damn cheap to ignore. To a value investor, the two primary risks are time risk  (time it takes for markets to recognize value and bid it up again) and risk to capital (risk ......