And consider Warren Buffett's favorite metric: the market capitalization to GDP ratio. In developed markets, all equities equal about 100 percent of GDP; in emerging markets, however, that figure is 40 percent.
India remains Gundlach's favorite investment, and he predicted its market will appreciate 1,000 percent over the next 20 years. The country is in a stage of development that shares many similarities with China 20 years ago.