by Michael J. Howell23. January 2014 13:442013 saw another net outflow of money from EM Financal assets. We reckon around US$31 billion left EM stocks, bonds and credit markets last year. This compares to a net outflow of US$166 billion in 2012 and a net outflow of US$21 billion in 2011. For the record 2009 and 2010 were big positive years for EM seeing nearly US$600 billion flow in. We may be near the bottom in some EM markets. However, our overall EM risk appetite index at minus 6 stands well-above its minus 40 index lows, but admittedly still below the normal plus 40'ish peaks. In short, we should still wait a little before venturing back.