jonathan: still with us is donald amstad. in ars ago, you and savoy at a conference, donald went to the front of the stage and he built up the case with fixed income. it revolved around your mother-in-law. and how much your mother-in-law spent in malaysia and how much your mother spent in the u.k.. was the welfare state. this is an example of political risk. and the political risk that you would not face in the u.k. -- what is the argument on that when you add in the extra layer of complexity? donald: latin america, the risk has been incredibly high. and there has been extraordinary government whether it is brazil, argentina or venezuela. and it seems that the confidence is shifting into an orthodox mode. it is interesting that asia, by comparison, over the last five years, has had some rocky times but from a currency point of view, they have massively outperformed the rest of the emerging markets. emerging markets like the brazilian currency, they have come back strongly. so our view has always been that asia has pursued rel