The nice thing about India, despite the corruption and backtracking is that it inherited from the British a respect for the rule of law. Yesterday the Indian High Court threw out an attempt by tax authorities there to charge Vodafone of Britain $4.4bn in capital gains taxes for buying out Indian interests of Hutchison Telecommunications in 2007. The $11 bn in assets were bought by the UK firm from a Cayman Islands one. After much legal hassle, the Indian court threw out the tax claim.

This will help other companies which made or are thinking of making investments in India.

However, the more I think about it, the more convinced I am that India is not the right emerging market to invest in short term. Analysts of a fund we own argue that the new I in ''BRIC'' countries should be Indonesia because of its fast growth. I am not sure.

We also have a new reporter who pitches many South African stock ideas at us, including a new contrarian one today. I am not sure about that either. But I do agree with his pick today.

I think the hot emerging market for 2012 can be spotted. In my view it is Mexico. It is achieving both growth of valuations of its stock and higher currency rates. That is a win-win.

More from South Africa, Spain, Britain, Indonesia, the Netherlands, France, Colombia, and lots from Canada today.