Markets are pricing in an economic collapse in emerging markets and that's a buying opportunity, Templeton Global Macro's influential chief investment officer Michael Hasenstab told CNBC.
"This is one of those once-in-a-decade periods where there's mass panic-selling," Hasenstab told Squawkbox.
"We have blown through the lows of the Global Financial Crisis, we've blown through the lows of the Asian Financial Crisis [and] the Tequila Crisis. And it's true things are slowing. The global economy is slowing. But it's not this collapse."
Emerging markets assets have tumbled since the start of the year, with China entering a "bear within a bear" territory.The Shanghai Composite is down more than 20 percent from its December high, as well as trading down more than 40 percent from its 52-week high set in June of last year.
"I have never seen people more pessimistic on an asset class than emerging markets," Hasenstab said.