Expectations are high these days that the emerging world will lead the developed out of their own misery. And these hopes are highly reflected in the stock valuations in these markets. Investors pay up to 15 times and more for shares of companies from the so called BRIC countries. Currencies of those countries have soared, too. So, what if those (high) expectations are not being met ? They could become a catalyst for some unwelcomed moves I fear…