Emerging Markets - Is There a Dislocation?

It sounds like this is a fairly non-correlated group of investments. And I think you can create lack of correlation, depending on how you construct the portfolio. If you pick one return stream in emerging markets and stick with that return stream, you're going to find a lot more correlation to markets. Sure. What I really like is on top of these four return streams that we have, we kind of have a multi-asset dynamic asset allocation process. And that's where you're able to create alpha. But get ready for the dislocation because when it comes, that's when the extraordinary opportunities come.