Projections can change and do, often when it's too late for you to do anything about them. Ask a Hong Kong investor. Confucius, were he alive today, might very well say that investing is primarily about striking a balance. Which is what global diversification is about. Be ready for the inevitable change in the markets, but not by making one-way bets.
Markets are never that predictable.
Be cautious, but not paranoid. Volumes have now been written on the Asian crisis. True, the traditional crisis route is from a large country spreading to other large neighbors and to smaller ones in the region. But the point can be made that a crisis in Thailand can affect countries large or small, near or far, if confidence in those markets dims as a result. Investors, as we have seen, can rather quickly change their opinion on a country's creditworthiness.