Remember all those predictions that Emerging Markets (both stocks and bonds) would be the breakout winners of 2018? Ooops. U.S. investors are to be forgiven for thinking that 2018 so far is yet another good year in the current long-running bull market, because it is – for them. But as the chart below from research firm Macrobond shows, the U.S. is pretty much alone. Even U.S. bond investors are modestly underwater for 2018 through Q3. And Emerging Market debt and equity? Fuggedaboudit – they are deeply in the red.