See in India itself there are many stocks trading below their book value and many stocks with high PE,ofcourse they are quality names.But what im saying is the gap between mid/small cap valuation is huge in India so I think there is a lot of money to be made in high beta stocks in India.
Standard Disclosure:Relatives hold stocks like Unitech,DLF,HDIL,IVRCL Infrastructure,Alok Textiles,RS Software,Aftek in India.