There is an exceptionally busy traffic at present between the developed and the developing world in equity investment. Sovereign wealth funds and other investors from emerging markets continue to pour billions into ailing banks in the US and Europe. On Tuesday the latest dollops of capital from Singapore, Kuwait and Saudi Arabia plopped into the lap of Citigroup.

Western investors, meanwhile, have been reaping a rich harvest in emerging markets. Will these differential capital flows be equally rewarding for those on either side of the trade?