Down a stunning 23%, London’s once mighty FTSE is trading like an emerging-market stock exchange

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Country A is home to one of the oldest stock exchanges in the world where the rule of law is rock solid, and investors are afforded rigorous protections.

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Country B is essentially a petrol state that ranks low on various financial freedom indexes. Its relatively recent transition to a market-based economy has been bumpy, and its embrace of democratic processes and norms has been widely criticized by human rights groups. Country B’s President, for example, recently changed the constitution to extend his rule by decades and is widely suspected of routinely poisoning his political foes.

And yet to investors, the two countries are widely indistinguishable. They’re both seen as a lousy place to sink your spare cash.

You’ve probably guessed Country B

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