still with us is charlie robertson, local chief economist at renaissance capital.e you -- move beyond the emerging markets. what is the difference between frontier markets and emerging markets? markets moreler liquid, less transparent, harder to get access, and all of these little problems. , they close the markets for six months. that was unacceptable. now they are back on track to be upgraded next year to emerging market status. one country you are bullish on his kazakh a stand. we were talking about kazakh a stand, what is the story there? >> this currency analysis we have done. currencies,rontier they are the cheapest. it has never been cheaper in 20 years, even in 1999 after the russian devaluation. it is something you should be looking at. they just did a big reaffirm -- reform program. alix: do you need both economic and political reform? enough that you want to buy it. for you to dough well. you can throw in a reform program as well. in india, mexico, and indonesia, they are doing business reforms. >> let's talk about romania. you say there is modest curren