The Impact of Regulating Decisions on Investor Confidence

We've written out many, many wobbles in confidence in the past. I would say the issue is that these discounts can remain in place and deeply embedded for a long time. Remember what happened in Japan? For more than two decades, it was an underperforming component of the EPHA indexes. And EPHA managers could easily outperform just by being underweight or zero in Japan. The same could happen for China if they don't start to become more consistent in their policy.