How are you feeling generally about the emerging markets space both in terms of flows and earnings performance?
I would be very surprised if 2007 is a repeat of 2006 or 2005. Generally, I think we have seen emerging markets become very popular from actually being very unpopular 7-8 years ago, and obviously nothing goes up in a straight line. Clearly, people were ignoring a higher risk environment globally, interest rates are increasing, there are geo-political risks that are increasing, there are a number of issues that are incrementally negative. How do you expect the global cues to pan out in the later half of this year both in terms of the US and the Chinese situation? Those two are much harder questions to answer frankly. The US is something that we have not been terribly worried about a significant slowdown. We had expected somewhat of a slowing but we were not in the camp that we would see a significant recession and we continue to be in that camp. China is something we actually have been baffled by the growth and the continuation of the growth at this pace over the last 3-4 years. We feel
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