The Future of Investment in Emerging Markets

I prefer Europe to Japan because I think there is a strong case for monetary policy normalization in Japan. So I don't think there will be a lot of volatility but I would be concerned. There are somehow very domestic. There is a home bias that is very strong. And so somehow this is providing some good opportunities to invest in stocks in emerging markets where most of the companies listed on very strong companies, very diversified. It's still quite positive and constructive on emerging markets. A bit maybe selective when it comes to how credible is their policy mix and how their politics will play out.