The latest commentary from money manager Janus takes a look at different possible outcomes in Egypt and what the effects could be on the region and emerging markets in general. "While the resignation of Hosni Mubarak releases some pressure in Egypt, some of the longer term regional and global investment concerns remain. Our most likely scenario was that Egypt would see an army-backed transition to a democracy, and Mubarak’s resignation brings the country in that direction. The unrest highlighted some surprising investment positives in the region but also increased our concerns about some threats to emerging markets."