What applies to real estate also applies to tax management: It's location, location, location.
Asset location is about choosing which asset goes in which account. IRAs, Roth IRAs, Taxable Brokerage accounts, all have different characteristics which make them better suited for different asset classes. For example, potentially high growth emerging markets could be held in Roth IRA since your capital gains will not be taxes in this type of account.
Joel Dickson (the guy in the middle) makes a good point about Bonds. Bonds which typically throw off a lot of income every month generally should be held in tax deferred accounts, however, in this low interest rate environment, it may make more sense to hold stocks in your tax deferred accounts instead of low-interest bonds. Muni bonds should be held in taxable accounts since their income is often tax exempt.