Is This a Good Time to Overweight?

We don't see huge opportunities to overweight or underweight any sector in the US or any particular country broadly. There are tactical opportunities more in sub asset classes. What's interesting is people are asking us, is this a good time to be going overweight, Europe and emerging markets because they appear so much cheaper? And we say it is correct based on valuations, they appear much cheaper. But if you actually adjust the sector allocation and make each of these market indexes to match the sector allocation of the US, they certainly don't look so cheap. Maybe for example, China goes from appearing to be 35% cheap to maybe 10% cheap. But does that 10% really give you enough of