julian chillingworth, is this an "i told you so" moment? julian: possibly.ut it is possibly not something to be too smug about. you need to drill down. this is not the tech bubble in the late 1990's in developed markets, where the tech names in that index are trading on 60-80 times, but below that, the industrials and some of the more old-fashioned companies are trading on 12-15 times. i think people will be looking around for value. i also think you need to bear in mind that retail in this market is even higher than in the state. you are going to see a great deal of volatility. this is going to be painful to some people, including some of these entrepreneurs. you could see some effects of the major banks as well. mark: 105% gain over the last 12 months. some advanced. let's bring it to the other side of the world, the united states. the big issue there is when the fed is going to raise interest rates. what is your thought on that and how it will impact equity markets? julian: i think we are seeing a gradual improvement in data coming through. yellen has bee