Many of the most innovative companies are internationally based. That includes most of the leading cellular-phone makers and the best-performing auto companies.

It's always a mistake to chase after a hot market. But it's important to own international funds.

It's hard to predict what any market will do, but particularly Japan, which has had several false starts in the past years. Japan could continue to ride from here, but it is not guaranteed.

This decision does not require shareholder approval. The fund's board of directors can simply decide to hold an offering.

Over the long term, currency fluctuations tend to balance themselves out.

One is that they claim there are opportunities out there that are too good to pass up.