The Morningstar 2010 Investment Conference in Chicago was chock-full of sessions on international investing, and the hallways were abuzz with talk of emerging markets. Yet some fund managers damped the excitement, saying that although emerging markets are hot, these investments will not be able to live up to expectations.

The conference, held in late June, included well-known names like Vanguard's CEO Bill McNabb and Putnam Investments' CEO Robert Reynolds, as well as mutual fund managers from across the country. While some speakers assured the audience that emerging markets such as China and India would continue to grow exponentially, others said that expectations may be higher than the potential for growth.

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