Emerging Markets

I think it's a great point and I appreciate the way you put it, sort of looking under the hood. If you look at the performance over the last decade of developed markets versus emerging markets, developed markets have been significant out performers. So my view is emerging markets, very inefficient asset class, can be very profound. We can tilt portfolios into those countries that are embracing deliverised economic practices and smooth volatility. The profile lends itself toward a high sharp or a high information ratio type strategy where again, you can seek out the return opportunity and diversify the risk.