The First Republic and Emerging Market Banks

I see a lot of risk on the horizon that the equity market is not facturing in as of now. I think volatility is set to rise across the world as well as in emerging markets in Asia. The banks in EM have also been very resilient because they've been through crisis in the past and have learned from that so they're very about capitalized. There's also tail risk coming from the high levels of interest rates in the US.