In this current money-printing environment there is a lot of volatility. Even in the EMs, there are markets that are fully priced and some have potential.
We also need to consider the currency in case of Japan, for instance. When the currency went down, the stock market rallied sharply. Hence, it is not easy to generalise.
But, I would say one asset class that appears to me to be very depressed, absolutely and relatively, is gold mining shares and mining stocks in general. Another asset class that was oversold a bit and has now gained somewhat is oil shares and oil servicing companies.
