One is that it is in the interest of emerging market countries

One is that it is in the interest of emerging market countries,
like China, to continue to provide the financing needed to bridge
the deficit gap. This is because much of the American spending
that creates the deficit is on products from emerging market
countries. And that buying is fueling these countries’ economic
growth and creating millions of new jobs.

The current account deficit

Of deficits, there are two, the current account deficit and the
federal budget deficit. We think the current account deficit, which
is the gap in the trade of goods and services that the United States
has with the rest of the world, is not a big threat.

Another argument for sector investing

Another argument for sector investing is that if you just diversify
by country using main market indexes, you can get big distortions
in your portfolio.