joining us now is deltec asset management and em portfolio manager gregory lesko.d to have you with us. maria elena just talk to us about growth rates being higher. what do you think will drive this move in em stocks? greg: she talked about the cyclical part, already chile and brazil have cut rates significantly, more so than expected in both countries, as has hungary. you are getting the beginning of an emerging markets rate cycle where we have significant scope to reduce rates. brazilian short-term rates are 13 .25%. we see inflation hovering around 4%. it is a giant real rate that we can see coming down a bit. almost all the money locally with such high short-term rates had gone out of the equity market and into short-term deposits, so there is a tremendous power in reversal of that money coming into equity markets. we are very keen on that market. it has pulled back a bit since they cut rates, but the opportunity there is pretty immediate. shery: there was a lot of optimism when it came to the chinese economic recovery to boost em assets and yet that has disapp