The pullback in emerging markets is overdone. Sure, the growth of emerging markets must moderate over the next few years, but that moderate pace still exceed the pace of developed markets. Stock prices are not reflecting this.
New directions for research include Vietnam, Malaysia, and Indonesia. The first order of business is to determine which countries offer the best prospects at the current time, and whether any bust cycle is still in play. Next, I may pick individual stocks, but, more likely, I will invest in general ETFs, and amplify with a moderate amount of leverage.
In addition, specific Chinese equities may offer real bargains. The fear of a banking crisis is still present, however small underpriced firms may offer enough of a margin of safety to compensate for this. I have made small profits investing in a Chinese ETF, however, picking individual stocks offers a better risk/reward ratio.