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/EMG MKTS: Followup to 4:17pm ET.....>

US TSYS/STOCKS
US TSYS/STOCKS: /EMG MKTS: Followup to 4:17pm ET bullet: The MS analysts also
said the current mkt environment is "good for alpha, tougher for credit" but
"don't take our word for it."
- They cited that "our colleagues in prime brokerage estimate that 1H17 was one
of the strongest runs for alpha generation from long-short funds since 2010.
Meanwhile, credit's asymmetry means it can suffer from bad idiosyncratic events,
while having limited upside to good ones."
- Therefore, they cite these "investment implications" to "overweight Emerging
Market fixed income versus underweight US credit" as " we think that single-name
risks in these markets have different skews."
- They urge to "overweight equity over credit, across regions."

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