The 2018 sell-off in EM local markets is more than a mere conventional ‘buy the dip’ opportunity. In addition to being overdone and far too indiscriminate, the sell-off also coincides with a likely return to a multi-year decline in the Dollar over the coming months. Investors entering EM local markets can therefore now expect exceptionally strong returns over the next several years. In fact, the closest resemblance to the 2018 sell-off is the sell-off in 2002, which was the best ever entry point for EM local debt.