The Impact of Regulative Changes on Strategies

In the US, utilities parestrating worked very well for about a decade. That strategy then lost its ability to produce consistent returns when you had deregulation of the utility industry. The same thing happened in energy with OPEC really controlling the price of oil. I think it also looked at a big market like India where it's incredibly difficult to short. Will that make some of these strategies easier to implement there? And then certainly China, you would have said 10, 15 years ago, really, really hard to short or run a hedge strategy and it's become easier now over the last five years.