Yeah, India and Southeast are small compared with other economies in the world. So what? Take a look at the valuations. I hear from colleague Stephen Simpson that HDFC Bank (NYSE:HDB) is, by most accounts, a good bank and one that's worth thinking about owning. However, even after the fall in stock price over the past few months, the shares still have 15% growth priced into them for years. That's not a bargain, and the sky-high valuations and volatility in the region are not your friends. Wait until the valuations come down, and then volatility in India and Southeast Asia will be your friend.

There will come a time for investing in India and Southeast Asia, but these are markets that have been on fire for years. Give them a year or two to cool off first. In the meantime, the markets of developed Asia offer some pretty intriguing values, such as Westpac Banking (NYSE:WBK), which also yields 5.4%.

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Developed Asia is facing India and Southeast Asia in this Investing World Cup second-round match. Go back to the intro page to navigate your way to another part of this contest, and then vote for the region that you think should advance to the final round of the tournament!

Nathan Parmelee doesn't own any shares mentioned in this article.

This article represents the opinion of one Fool and should in no way be taken as the opinion of either The Motley Fool, Inc., or the company in question, or as representative of anyone or anything other than that specific Fool's thoughts. So before buying, do your homework and review The Motley Fool's superbly sportsmanlike disclosure policy .