slok is the chief international economist at deutsche bank and morgan harting is a manager from morgan bernstein feels like we are approaching those levels again. morgan: the chinese market is down by a third and last three months. brazil is down by 30%. have had antion, we opportunity for active managers. there have been changes in prices that set up opportunities for stock selection and bond election and currency selection. it's a time to recognize the passive approaches to this volatile part of the capital markets. it leaves investors exposed to the very sort of risks you describe. david: we had mark farber on recently i want to say what he had to say. mark: emerging markets are not yet cheap, cheap, but return expectation, i would have over the next seven to 10 years by investing in emerging markets would be my -- would be much higher than u.s.. stop david: that leads me to this chart with emerging markets not oversold compared to emerging -- compared to other markets. as you look at this correlation -- it seems like we have approached something are emerging markets hitting bottom or is ther