longer-term investors. lehman. looking back in history, we did well to buy. we have been putting some money into the market over the last few months. we do believe that to go against the trend in markets, rebalancing the portfolios. put any money into e.m.. we do have some modest positions in e.m. and that has not worked. we have not put any more money in there. it is hard to read encouraging news out of brazil. recognize that they really do need to sort things out terms of their budget. that was interesting because it looks very cheap. but it is very hard to understand what is going on in china. that is why i think -- i like are auto interviews -- they