Yet as stock markets hit record highs and the yields on volatile junk and emerging market bonds plunge, this view

Yet as stock markets hit record highs and the yields on volatile junk and emerging market bonds plunge, this viewthat market corrections should be seen as a buying opportunity, as opposed to a warning to be heeded, has begun to worry investors.Nishant X. Upadhyay, an emerging market bond investor at HSBC Global Asset Management, took the opportunity late last year to buy Turkish government bonds, bettingthat worries about President Recep Tayyip Erdogan and his political ambitions were overdone.But the question is: Do you want to be sitting in cash right now or investing your dollars in alternative markets?”Fund managers with a long memory argue that while it may be truethat markets are richly priced, it would be a mistake for investors to try to predict when markets will fall and remove their funds accordingly.Buying Into the Turmoil: Investors Embrace the Risks -By LANDON THOMAS Jr. MAY 10, 2017Be it stocks, bonds or more complex derivative bets, investors following this Wall Street maxim have reaped robust rewards in recent years.“No doubt the spreads are tightening,” he said, in describing how the recent boom in the assetclass has made them less attractive relative to lower-yielding bonds in developed markets.“I am holding more cash than I usually hold in my funds right now.”To be sure, some of this recent spate of buying can be explained as investors looking for bargains in beaten-down areas — like emerging markets.