.e are still with paul mcnamara he joins us on the line from london. d looking at opportunities in the e.m. one opportunity you are looking at is the next in peso. why is that? paul: there are a couple of currencies that are particularly oversold. mexico is actually one of the emerging markets that benefits from a lot of the commodity prices. brazil and south africa are really going to slow -- suffer from the slowdown in china. it's a very strong player on the u.s. auto market as well, all of which ticks along the boxes that we do not see in a lot of emerging markets, you know, benefiting from lower commodity prices and plugged into u.s. growth. rates are much higher than they are in the u.s. it looks to us something that is overdue for a bit of a bounce. joe: let's go further on the frontier. another currency that you have spotlighted is the peruvian soul . what do you make of that? takes 10% of global oil, but 40% to 50% of global production, including copper, which is essential to peru. where finding is that most of these currencies are now becoming

we spoke to paul mcnamara and he said pretty much the same thing -- it's not necessarily a fundamental they have been so oversold. but it's very different from the call which seem to want to run for the hills. have been covering mexico for a few years and mexico is one that everyone is like mexico will pan out. mexico has not rewarded investors in the short term. is making a huge gamble on oil at the worst possible time to be making a gamble on oil. and they are in a rate hike dilemma. will they hike when the fed hikes mark their economy is very slow. of how: it reminds me people can decide whether the fed should or should not raise rates. ceormer deutsche bank commented on emerging markets, but he was a little more worried. he is focused on the credit cycle -- emerging market companies that borrow in the international market and a corporative in the emerging market. it has tripled in the last five or six years to one point $3 trillion, according to bank of america. when the economy is slowing down, the u.s. is poised to raise interest rates and all these factors are creating headwinds

those like mcnamara come from the academia statisticians were those like paul. he wasn't in this role before he became secretary of defense. you even try to lay him out as a pr guru that understood how to do brand management. talk little bit about that. she was a leading guy in the advertising department and he was in charge of those competing with one another and they thought how are we going to sell more? at play during the soap operas and then he became secretary of defense in a very powerful one at that. >> that comes in handy because one of the first things you have to do it isn't something that's very power doubled the military agencies and atomic energy commissions and other organizations. >> there was serious pushback from the military agencies into some of these old documents. they would meet with the individual heads to convince them that it was a great idea. they said that specifically stated the moon is just higher ground and then the admirals in the navy were saying no, no it should be our territory because where the notions and become a space start