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Prospects in Eastern Europe, Africa and Latin America are mixed. Many fund managers like resource-rich South Africa. But Argentina's debt problems are dragging down South America, as are polls that show an antibusiness candidate leading his rivals in Brazil's presidential campaign. The Brazilian market seems to be discounting its troubles. So it may surge on good news. With that in mind, the wisest strategy may be exposure to all emerging markets through diversified funds such as Oppenheimer Developing Markets and Eaton Vance Emerging Markets.