Bargains in Emerging Markets Can Be Risky

As emerging markets reel from their worst selloff in years, some investors are picking through the ruins, convinced that the massive slide in stocks and bonds has uncovered rare opportunities to buy on the cheap.  Their shopping list includes Mexican bonds, Philippine banks and Chinese Internet companies. The key, they say, is to be selective—while bargains abound, many believe that emerging markets remain fraught with peril.

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