While GDP can be helpful, there can be a disconnect between real GDP growth and actual equity market performance, where a lackluster stock market can exist in a country whose GDP regularly exceeds 6.5-7%.

FORBES: 19 Reasons Why Emerging Markets Belong In Your Portfolio

For example, the SEC alleges that ThinkStrategy reported a 2008 return of 22.6% for its Capital Fund-A, a long-short market neutral hedge fund, when the actual performance was -77.9%.

FORBES: SEC Alleges Deceptive Conduct Against Fund Of Hedge Funds Manager