Fine states that "Winners are definitely in the oil exporting space," specifically mentioning Colombia as a "big winner." Colombia (via Ecopetrol) benefits directly from higher crude prices. Fine argues that EM assets are holding up well because these economies are now net creditors/savers, making them safer than in previous crises. LONG. A play on the "EM is the new DM" thesis combined with commodity tailwinds. Domestic political instability in Colombia or a crash in oil prices.