When investors think about risk in investing, they often focus on stock markets. But lately, the most dangerous market for investors hasn't involved stocks at all.

In the following video, Fool contributor Dan Caplinger takes a close look at emerging markets and finds that stock markets there haven't been the biggest victims of recent volatility. With the double hit from rising interest rates and falling currency values, emerging-market bonds have seen a lot of pain. Dan notes that while many investors see bonds as being safer than stocks, the current situation in the emerging markets shows the danger of believing too much in that sentiment.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.