Mark Mobius, head of Templeton Asset Management's emerging markets fund, believes the bull market has begun, and there are deals in every emerging market. The MSCI Emerging Markets Index is up 23% after hitting a four-year low on October 27, besting the 9.5% drop in the S&P 500.

"You have to be careful not to miss the opportunity," said Mobius. "With all the negative news, there is a tendency to hold back."

In particular, Mobius is looking for "cash-rich" companies with low debt and high dividend yields, or those that can invest for future growth and still have cash left over.

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Crux note: We looked at Mobius' holdings, and China Mobile (CHL), China's largest wireless provider, is the best example of a "cash-rich" company with low debt. It has $26 billion in cash, $4.6 billion in debt, and yields almost 4%.