warren buffett has a saying dekes when -- hsas a saying, whn out, you determine you is swimming naked. ow there is a political problem not being addressed. >> that's what buffett said. there is nothing no. ew. we know there are structural issues at play. when phil gross is coming out with this. the in effectiveness of raising rates in turkey. turkey and south africa -- >> 39 hours. >> there is more at the moment. turkey flunks the currency test. don't hang around to see who is next. the -- de-risk and gold to treasury. structural problems. we looked through it all. and discern the wheat from the chaff. it's bang, bang, indiscriminate. that is the big concern. they are looking at the market and seeing the central bank putting rates up by several percentage points. in the case of turkey. some social banks are struggling to fight the fed. if you are an investor, you're looking at these markets -- >> as guy johnson said, don't try the fed. it will be very hard. let's carry on and talk about emerging markets. what impact is it having on the world's biggest companies? well, we are starting