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Kinnel: Emerging-Markets Debt a Reminder to Buy the Unloved

Hasenstab keynote takeaway: The most beaten-up asset classes are often where the best opportunities are.

Russ Kinnel: We heard from Michael Hasenstab on the opening keynote. He is the manager of Templeton Global Bond, a fund that's had a couple of hard years because it leans toward emerging markets, and emerging-markets bonds have been hit fairly hard, and it was interesting.

He had three key points to share with us. The first was that the dollar was going to rally because the Fed was going to have to tighten. He thinks growth and core inflation are on the way up and the Fed's going to have to tighten. And of course, that is also a view that's bearish for Treasuries. But what he likes is emerging-markets bonds, not a big surprise. He has always been biased that way, but he made a pretty strong case.