Investors have often sought out emerging markets as an investing opportunity on the basis that these economies may act differently from the industrialized economies, thereby providing some offset in case of declines in industrialized market prices. However, this view is now less certain. Consider the following quote from the head of global credit at a firm managing more than $200 billion in fixed‐income investments: “People often make the argument about decoupling (that emerging markets can rise as developed markets fall), but then they start to realize—wait a second, it’s one big interconnected world.