I don't believe emerging markets are the new safe haven. There are risks there, but at least you are getting compensated for those risks, whereas in many of the developed bond markets, you aren't getting compensated for the risks.
Stocks and bonds should offer compensation in some form for the risk taken to own them. For stocks this is some combo of price appreciation and dividends (or distributions for MLPs) and for bonds this usually means interest paid.
After a three and half year run where the stock market more than doubled it is easy to become somewhat complacent about risk, get impatient when the portfolio is not going up even more and forget what the consequence of risk feels like.
Marketwatch had a column on Friday about many of the behavioral flaws that destroy wealth and not properly assessing risk should always be part of this conversation.