标题：高盛提醒新兴市场投资者不要忘记正确的方向

The document titled "高盛-新兴市场-宏观策略-不要“忘乎所以”：在新兴市场寻找正确的方向-0201-23页.pdf" discusses the concept of carry trades in emerging markets. The main focus is on EM FX (emerging market foreign exchange) carry trades, which have gained more attention due to the Federal Reserve's more accommodating stance and the weak US dollar environment in early 2019. The term "carry trade" is defined as assets where the yield represents a significant portion of the total return, considering the mark-to-market risk. In this context, EM FX carry trades can be viewed as a "risk on" trade, as the yield is more favorable compared to the considerable carry in both US Treasuries and EM fixed income. The document emphasizes the importance of understanding the factors that contribute to a good carry environment. Low volatility regimes are particularly favorable for carry trades, as they create opportunities for capturing yields. When volatility is low, the risks associated with carry trades are often reduced, making them more attractive to investors. However, the document also notes that it is crucial not to overlook other factors beyond carry when evaluating emerging market investments. While carry trades may offer attractive yields, it is essential to assess the overall risk profile of the investment and consider other fundamental factors that might impact the performance of emerging market currencies and fixed income securities. Overall, the document highlights the significance of identifying the correct direction in emerging markets and considering carry trades as part of a comprehensive investment strategy. It suggests that investors should not solely rely on carry as the primary determinant of their investment decisions but should also consider other macroeconomic factors and risk indicators in order to make informed investment choices in emerging markets.