INVESTING IN EMERGING MARKETS IS turning fashionable again, as stocks there have rebounded sharply over the last 16 months. Star fund manager Jeffrey Gundlach, CEO of DoubleLine Capital, is one who has taken the plunge, announcing in May that he has a pair trade betting on a gain in emerging-markets stocks and a decline in U.S. stocks. But some money managers take issue with the idea of investing directly in emerging markets.
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