I'm at the Fitch Latin America Sovereign Hotspots conference at the technologically-challenged Warwick Hotel this morning, where the irrepressibly quotable David Rolley, of Loomis Sayles, just appeared on a panel. Rolley's always interesting, partly because he doesn't confine himself to emerging markets: he sees them in the context of credit opportunities across the globe.

Recently, one of Rolley's top picks was about as far away from emerging markets as it's possible to get: the new 10-year bonds recently issued by Bear Stears. In a sign of how much the world has changed over the past year those bonds had a higher interest rate than the EMBI Global yield - the standard benchmark for emerging-market sovereign bonds. If you want to be safe these days, don't take your money to the bank: take it to Mexico or Russia, instead.