While gross domestic product growth is stagnating in developed economies, it's still buoyant in emerging ones, driving corporate earnings, and thusstock prices.
Bullish money managers are investing accordingly, and maintain a strong presence in the Brics—Brazil, Russia, India, China, and South Africa.
Many investors, however, are trying to get ahead by pulling out of emerging markets now. Their end-is-near argument is generally two-fold: The market has become too crowded, and the faster these markets develop, the slower investments will grow.
Whose side are you on?