For the past few years, Cabot’s China & Emerging Markets Forecast (CCEMR) has dominated the Hulbert Financial Digest’s performance rankings. I named it Letter of the Year in 2007. And for perspective: over the past three years, the letter has still achieved an astonishing annualized 33.97% gain, vs. negative 8.89% annualized for the total return DJ-Wilshire 5000. CCEMR was being cautious when I last looked. Today it’s still cautious, out of the market and focused on building up its “watch list"--stocks it might buy if the market turns up. As I’ve said before, I don’t think anyone really knows what’s happening in China. But, still, CCEMR has (still) made money on it.