Rob Arnott of PIMCO and Research Affiliates says there are “pretty high odds” that the economy is in the second dip of a double-dip recession, and thinks emerging market stocks are looking attractive. Arnott tells MarketWatch that he thinks the second dip into recession likely started around June, and that buying opportunities in the markets are starting to emerge. He says investors should be “cautiously nibbling away at incremental risk, but not so much in U.S. stocks.” He’s more interested in areas that have been pulled down by the recent hits to the U.S. markets, but more because of fear than fundamentals. Emerging market bonds and stocks are two examples, he says.