Emerging market bonds: Investing with conviction in volatile markets

When market prices and fundamentals are misaligned, opportunities may become available

Jason Trujillo

As a young Army paratrooper, much of my training was focused on learning to operate under chaotic circumstances. The battlefield is nothing if not chaotic, especially in the pitch black of night, which is how we often trained.  Initially, I found this to be highly stressful, as I had only a vague sense of what was going on and what I was supposed to be doing. Fortunately, the 82nd Airborne Division had many “understanding” leaders who were extremely eager to provide some “gentle guidance” to help square away a new soldier. After a bit of this “gentle guidance,” I became increasingly comfortable operating within the chaos – gaining a clearer sense of the battlefield, what my job was, how that job fit into the unit’s broader mission and, very importantly, how to use my equipment (trust me, moving around with night vision goggles is a lot harder than it seems in the movies). With time, I began to view the chaos that is endemic to the battlefield not as a source of stress, but rather