HONG KONG - After a year in which emerging market investors have taken a beating, the only thing bruised in Marc Faber's office is a ceramic piggy bank.

A gift from U.S. investor Sam Zell, the pink pig has a blackened eye that could easily symbolize the year many emerging markets investors have had. Though most were stung by volatility triggered by the Mexican peso devaluation, Mr. Faber's Iconoclastic International Fund was ranked No. 1 in 1994 with a 27% return.

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