Contrarian Investor: Is this the last refuge of long-term growth?

Over the past year, emerging market (EM) assets have looked much perkier. MSCI's emerging market stock gauge is up 13% this year, almost four times as much as the broader MSCI World index of developed-nation stocks.

And what is true for EM equities, is also true for most other similar assets including FX and debt. The JPMorgan EM FX index, for instance, is up 5% YTD. And despite my gloomy prognostications from the beginning of the year - that the great EM fixed income meltdown beckons - the consensus now is that EM bonds are looking especially attractive to yield hungry, developed world investors. At the macroeconomic level, there is real evidence key emerging markets' economies are starting to bottom out, while growth forecasts and differentials are improving. Where are the best opportunities...