With all the media buildup leading up to the Olympic Games in Beijing this past summer, just about everyone and their brother was bullish on the China/India emerging market theme.

"Chindia," as it was coined, was supposed to be the next great economic wonder.

The belief that these markets did not need American demand swept international investment circles. Forecasts of double-digit GDP growth continuing for the next several years became the mantra of emerging market funds, and Wall Street analysts got caught up in the commodity bubble, which burst a month before the Olympic torch was lit.

The widely held belief of global economists was that these two sleeping giant economies would lap America in a matter of a few years, as per all the economic extrapolations and white papers published leading up to the Summer Games.

Stocks like Baidu.com (NASDAQ: BIDU), China Mobil (NYSE: CHL), China Life (NYSE: LFC), Huaneng Power (NYSE: HNP), PetroChina (NYSE: PTR), Infosys (NASDAQ: INFY) and Reliance Industries (not listed) seemed bulletproof given the revenue and earnings models being floated by the Chindia bulls.

From his ChangeWave Investing newsletter and regular appearances on Fox TV's Bulls & Bears, Toby Smith is one of the most widely followed newsletter advisors. AS growth investors, he seeks stocks poised to benefit from enduring trends, which he calls "Changewaves".

To help isolate these trends, he turns to his ChangeWave Alliance, a group of thousands of business leaders in a wide range of fields who respond to ongoing surveys regarding developing industry trends.

Three such trends, which he considers among his favorite macroeconomic ChangeWaves are Clean Energy, Carbon Credits, and Chindia (China-India) Infrastructure. And one of his latest stock recommendations -- Fuel Tech (NASDAQ: FTEK) -- plays into all three of these waves.