As we did last year, we highlight the returns of each country’s major index in 2006. Of the 81 countries we analyzed, 85% were up on the year while 52% were up over 20%. Peru had the largest gain on the year at just over 168%. The S&P 500 was up 13.62%, but there were 55 countries that performed better. Just four countries were down more than 20% in 2006, and they were all in the oil-rich Middle East.