Diversification in Emerging Markets

If these companies now have to take a pause because they've run pretty hard pretty fast, that there might be good opportunities in Europe and in other areas like Japan. China is probably the only one right now with the GDP de-plate are coming out. That's pretty problematic for them because the consumption level hasn't really taken off for them. But in general, when we look at a very balanced portfolio, the value is really in the international play and select sectors in national.