While many investors are focusing on emerging market stocks, which have done quite well in the past decade, Vanguard found John Bogle is skeptical of them. Bogle tells Morningstar that investors keying on such stocks may be suffering from “rowboat syndrome” — much like someone rowing a boat, they have their eyes on where they are coming from, but not where they are going to. He says he doesn’t invest internationally because he expects the market will be an “equalizer”, and that international and emerging markets will do more or less the same as the U.S. market over the coming decade.