david zervos is back with us come along with david kelly of j.p.ment away from the u.s. is partially because i think that that is overheating the u.s. and partially because i think there is a rise in populist politics going on in all developed markets, led by brexit. if there is a clampdown on the free movement of labor and capital, the returns on capital would be lower. that is a risk to the u.s. capital markets going into the november election. you have the rising nationalism come investing in an era of more populist politics, you have the latin american set of countries that are trying to throw populism out the window, particularly argentina and brazil. hopefully something will happen in venezuela. those are good signs to me. that theme of focusing on capital and labor mobility and open markets coming back versus were trenching from globalization seems like an interesting theory to pursue when thinking about emerging markets. alix: for you, where's the value for emerging markets? david: i think as earnings bounceback, people will appreciate that