Looking at the characteristics of the stock markets with the highest year-to-date gains, there are two main types. The first major type is emerging markets or developed markets with relatively reasonable valuations (here, it mainly refers to developed markets outside the US). The overall performance of non-US markets this year has benefited from lower valuations and a relatively loose liquidity environment. The representatives with the highest gains in emerging markets this year are mainly South Korea, Brazil, and Greece; while for non-US developed markets, the ones with relatively high gains so far this year are mainly Canada and Japan. The second type is markets relatively rich in resources, such as countries like Canada and Brazil...