mark mobius liked emerging markets. charlie morris with us. are you also favorable with regards to emerging markets? >> some are more attractive than others. he takes on what's going on in stride. he's seen these crises in these countries. i think we got a small position in china because it's cheap and because we think the stimulus activity will work to some extent. i think the risks to the down side are very low. we look elsewhere, other nations we're not convinced. russia is an alternative market. i think a lot of emerging markets do hang off of that. importers it could be good. >> in fact, we have a guest in the next little bit who argues that there's a strong correlation between commodities and emerging markets. you have to be bearish on both or bullish on both. >> it's about one. price relative of emerging markets is there. so, you know, i think that the brics after the last ten years you expect something between them. so we have a small position in china. >> india, a lot of people saying india doesn't deserve to be in the brics any longe

gall to go to be quite frank manthey because you've got asymmetric heading and itself is you know a mobius strip of fraud jill and i could i could try to make it a little clearer for you if i have a lot of positions of my own some assets in europe what would be the best hedge to put on it's not go you are obviously in any hedge that you put on you're going to be exposed to some amount of basis risk but if you're going to have currency exposure so you want to hedge that exposure so how can you do that you can short the currency or you can do a strip of options are you making money by playing what you expect the other players in the hedge fund community to different community in the proprietary trading desk of banks like j.p. morgan in your exposing a bit of a whistle blower type role but listen dear due to your fellow heads trying to marriages are they wearing the planet ponzi baseball cap available on your website are you part of the are you now a pariah and i see you walking around with gold krugerrands i mean this is this is safety. this is to say what are you or your paper currency i th

golf to go to be quite fragmented because you've got asymmetric hedging and itself is you know a mobius strip of fraud jill and i could i could try to make it a little clearer for you if i have a lot of positions if i own some assets in europe what would be the best hedge to put on it's not go you are obviously in any hedge that you put on you're going to be exposed to some amount of basis risk but if you're going to have currency exposure so you really want to hedge that exposure so how can you do that you can short the currency or you can do a strip of options are you making money by playing what you expect the other players in the hedge fund community will be doing in reacting to different scenarios by their hedging and asymmetric hedging or are you engaged in some fundamental economic activity that benefit society in some way well that's right you're talking about proprietary trading i mean there's a difference between trying to hedge a portfolio as a hedge fund manager are you adding anything to society. well i think that some of the environmental aspects that i've invested money i