What's Going on in Brazil?

You commit in local currency, and then is there any hedging going on? And you just assume you're going to be long term in all these markets that the currency risk is in that framework. So unlike virtually any other investor in the world, the place we don't invest is Singapore. We have no natural hedged currency. We do have a benchmark currency, which is a mix of global currencies,. Which allows us essentially to be naturally hedged since we have a diversified funding mix of currencies. For most countries, we do some hedging on the margin if we are in off benchmark currencies.