"Another year, another dollar" is perhaps less ordinary and more pressing today for every investor. Eternal hopes reign high that US and China call truce and the Fed continues its benevolence with measured rate hikes, lifting once again investor sentiments, propping up iffy corporate profits and vitalizing equity markets. And therein lies the hope and case also for emerging markets, of the broad consensus, who are licking their wounds (2018: -15% MSCI EM) and justifying sticking around saying, "EM is still the best game in town". Their general thesis: attractive valuations (forward P/E down ~17