the u.s., there could be an even bigger opportunity emerging abroad let's go off the charts with chris varone take it away. >> what we're seeing globally, particularly emerging markets, this is a really important juncture for e.m you're breaking out of a 15-year base if we pull up the first chart, this is the etm -- etf think about the longer term catalyst here. dollars are weak flows are starting to move west to east, north to south. rates, oil, copper think the setup here is still very attractive for this to be the beginning of a longer-trm move remember, the last time em broke out to this magnitude back in '07, oil was 90, rates were 5%, dxy was 75 i think there's big macroimplications. if we go to thesecond chart, let's not forget with just what a challenging last 15 years this has been you've hat ten 20% drawouts in e.m. over the last 15 years. this is not the place to make money until very, very recently. i understand it's overbought in the short term, but in the long-term picture, we think this move is just beginning let's go further back in history, chart number 3 here, and remiejd ou