what about the carlsberg? >> i think because the focus has always been on m&a in asia, frankly, i think western europe isn't a very attract traive beer market. i think we're unlikely to see deals in m&a. i don't see that changing. the focus will be emerging markets. >> when we drink up those comparisons, all the stocks have done okay, carlsberg, sab and does that remain the case? >> we are cautious on heineken. i think the group is transformed into more of an emerging play. with jeffries, we think there are issues in europe that are going to make 2013 a tough year. >> if carlsberg has to ramp up quickly to offset markets, would you as an investor penalize them for doing so or would that be rewarded? >> they've done very clever deals there and they continue to consolidate their market. frankly, i think that would be welcomed. >> we'll leave it there. carlsberg down now about 6% still. >> and down 7% at one point today. just a reminder of what's on the agenda in asia tomorrow, their first group of earnings due o