"While watching the Olympics, I couldn't thinking about the investment opportunities of the various countries participating in the games," says exchange-traded fund expert Carl Delfeld.

Recognizing that this is not a "scientific" approach nor a primary basis for seriously determining one's asset allocation the editor of Around the World with ETFs speculates, "While it is admittedly a stretch, let's consider what an ETF porfolio of the top ten countries in the Beijing Olympics medal count would look like."

"I hope that while watching the Olympic games many investors were also reminded at how the world is changing and why they need a global portfolio to capture value and growth around the world.

"The U.S. did remarkably well across the board underscoring its role as the world's leading investment destination. China surged to win the most gold and reach the symbolic level of 100 medals.

"Quite an achievement that punctuates China's growing heft. With the Shanghai Composite down 55% this year, it has come down to earth and is interesting from a valuation perspective.

"Next comes Russia with a performance fueled by a strong Olympian tradition and petro dollars but perhaps a bit overshadowed by the Georgian fiasco. I will take a pass on this one even though it is off 36% since just May.