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Morgan Stanley: Stop Playing Defense and Look at Emerging Markets

Emerging markets are back in style.
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Inside Emerging Market Sovereign Debt

As playing it safe gets too expensive, now is a good time for investors to take a few calculated risks.

That's the verdict of Morgan Stanley analysts led by Andrew Sheets, who said the best options for investors are emerging-market debt, including asset-backed bonds. Those securities offer "quality carry," meaning they boast positive real yields and benefit from "a fundamental cushion" against inflation and low growth, according to the analysts.