3. We discussed and learned in class that we, as US investors, can get the maximum gain from international portfolio diversification when we invest in national stock markets whose correlation coefficients with the U.S. show certain trends.

1. Please explain which foreign markets with certain trends of correlation coefficients with the US do you recommend to invest to get the maximum gain from international portfolio investment?
2. After conducting a quick overview of international stock markets data, discuss which specific national stock market you recommend to invest in to make your global portfolio most safe. Briefly explain why?
3. Please describe what is your data source for your answers to Q3.b.

4. (open question) We have experienced global-scale financial crises almost every 10 years in recent decades. Please present your view on:

1. Where, when, and how do you think the next round of global financial/economic crisis would take place.
2. How you can be better prepared for the next rounds of global financial/economic crises in the future.