i want to bring in jaime metzl, with me on set., you had the foresight to call a chinese equity bust. what did you know that we did not? jamie: when you look at the average valuations of the stocks on the shanghai markets, they were three times greater than the other valuations in any of the large markets. how could that he if they did not match the fundamentals? eventually, gravity applies. people sometimes have too much faith in the ability of chinese leaders to be magicians. but gravity applies to these guys. chinese stocks are still overvalued and there will be further drops. the issue is confidence. guyse used to think these were magicians. now it looks like they are good engineers but not good at managing a complex economy like china. olivia: how much further do you think chinese equities will fall? jamie: an easy way to gauge that is right now the average valuation on the shanghai is 61 times earnings. in the s&p, it is 19. let's say you get a little extra because it is a growth market. let's say it goes down to 25 or 30 tim