In a recent column on diversification, I mentioned adding a position in emerging markets (EM) if an investor wanted broader global exposure. That comment elicited a few responses including one from a reader that consisted of a string of ha, ha, ha’s. Not exactly a well-reasoned answer, but it made his point. No EMs in his portfolio! Is he right? Several years ago, EMs were regarded as the future of investing. China was going to replace the U.S. in terms of global economic dominance. Brazil and India were on the rise. Russia, back before President Putin opted for empire-building over…