The big story last week was the rout in emerging markets as traders become wary amid weaker manufacturing growth from China and the onset of Fed's tapering. We can see from the above graphic, which shows the total weekly GEM (global emerging markets) flows over the last 2 years. It's been 13 straight weeks that investors have taken money out of emerging markets, and we see that that trend has been in place throughout most of 2013. It's a visual representation of the troubles that certain emerging market countries - the ones that have relied on foreign money inflows to finance capital account deficits - are facing. This is not a trend that will reverse anytime soon, so its time to calibrate investments accordingly.