The Importance of Macro Strategy

Jim Boulden: I love to hear macro people talk about things because I love the process of trying to figure out the big sweep. In January, we saw the Lancet article, all of us in the markets. And there was this debate about what's going on. The conclusion I kept coming to you is the market is seemingly willing to brush this off as long as it believes that it's a China-only story or an East Asia-only story. What I thought was the most significant factor was going to be international spread. That was kind of our signal.