Bloomberg’s tips for understanding emerging markets: We’re at the beginning of a turning point in the cycle in which EM will outperform U.S. shares, writes Ben Carlson for Bloomberg View. But poring over data from the past decade finds that volatility in the asset class is a far cry from the steady returns this year has witnessed. Being aware of this volatility is key, he writes — and so is understanding that a ten-year cycle is not that long in stock market terms. Carlson’s rather vanilla advice: Diversify, because “Picking the best emerging-market countries to invest in is not easy. Emerging markets are made up of vastly different countries.”