BusinessWeek magazine is running a cover story on the meteoritic rise of China and a lesser extent India on the world economic stage and what it means for the global economy. China is already the manufacturing factory of the world, as a trip to the local Wal-Mart would indicate. Less obvious is India’s emergence as the world’s back-office and more recently a high-end R&D laboratory for the big multi-national companies.

Investors wanting a piece of the action might want to wait though. Mark Mobius of Franklin Templeton is quoted in this column, “There was a time when you could buy stocks fairly cheaply, especially in India, but also in China, Not any more.”