TheStreet's Action Alerts PLUS Co-Portfolio Manager Jim Cramer says investors should take a longer-term view on emerging markets beyond the current scare. The S&P 500 was hit after the East Asia emerging market scare in 1997 but recovered a year later. That was followed by another scare in Russia that also recovered after a year. But, Cramer does not want to be calm about Turkey because in 1992 hyper-inflation in Turkey trounced investors looking for yield. Cramer says do not underestimate the power of emerging markets to both create panic as well as opportunity.

At the time of publication, Cramer was long ___.

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