But Goldman Sachs CEO Lloyd Blankfein told CNBC that he'd be long emerging markets.
He also said he sees long-term opportunities there:
"If somebody said, 'Take a position on the emerging markets and you can't change your mind for fill-in-the-blank-one year, five years-I'd be long, not short. It doesn't mean I'm going to feel good about it," he said in an interview at the World Economic Forum in Davos.
"You see growth, education, mobility in these countries. Basically, the flattening of the world has given tremendous opportunities in these countries."
He also added that emerging markets felt like a credit business.
"What is the creditworthiness of this country? What is the balance of payments there? What is the government of this country saying versus that country? It feels like a credit business name by name," he said.
"At a point of time when things get bad, it tips over into a bad market, forget the names, they're all the [same] it's emerging markets, forget about the differences, its emerging markets."