jonathan: everyone that came on bloomberg tv and radio said b uy em's and brazil.saw funds rushing in, money going in, money going in, money going in. the question for a lot of people, for the tourist in this market, when does the brazil story become a sell em story? in brazilhe tourists see a headline like this, and they don't want to explain why they have 1% of their core class in brazil, so it is easier to sell assets and ask questions later. for dedicated guys that are looking for relative value among some realf em's, value opened up because currencies have been on a one-way ride for about 16 months. lisa: you say opportunities opened up, but not that many. flows out of emerging markets among the biggest etf's were not that severe. you can see this is the gap between yields on emerging markets investment-grade debt versus u.s. market investment-grade debt. it has collapsed. people are getting the smallest extra premium to own emerging-market debt since 2013. does this sound alarm bells? matt: what i find alarming is we think u.s. investment-grade spread treasur