It’s the perfect time to make money from some of the world’s fastest-growing markets as long as you invest in them the right way.

Several countries have seen their markets surge in the past three months: India’s market shot up 50.3 percent, Indonesia’s 39.5 percent, Singapore’s 32.8 percent, Russia’s 32.5 percent, Hong Kong’s 31.7 percent, and Chile’s 29.6 percent. But the world’s most expensive major market rose a relatively modest 24 percent. Take a look at the chart…

Taiwan’s market is outrageously expensive. In terms of price-to-earnings (P/E), it’s going for almost twice the P/E ratio of the UK’s – the next most expensive market.

Things are beginning to look up in Taiwan. Its big chip sector is seeing light at the end of the tunnel according to industry watchers. They say that equipment spending by the major chip makers will bottom out in the second quarter.

But Taiwan’s market is priced as if it’s all blue skies ahead and that’s not the case. Taiwan’s Central Bank Governor Perng Fai-nan told reporters last week that the pace of recovery in Taiwan is “relatively tepid.”

Mega Securities Co. in Taipei predicts that “The recovery will be slow, so interest rates will stay low for a long time.”

And Gartner Research says that capital spending across the semiconductor industry is expected to fall nearly 45 percent this year.

Taiwan’s market has already begun to slip and it should drop much further. The best way to play this market dip is shorting the iShares MSCI Taiwan Index (EWT).