Emerging Markets Turmoil: Quit Overreacting

For years, the market mantra was that emerging markets represented future growth.Lately, however, investors have pulled record levels of capital out of economies from Brazil to India. This is an overreaction; too many investors and analysts are focusing on short-term fluctuations rather than keeping their eye on emerging markets' longer-term prospects.  Though the sell-off has eased, emerging market funds experienced massive outflows soaring to more than $33 billion in the 15 weeks before February, according to Morgan Stanley.

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