paul: they are cheap by any standard. a lot of volatility happening in mexico. it has ridden stuff out. if your president isn't the most protectable. there is a scenario where, if mr. lopezh on the worst of his policies, and you get a bad negotiation, things would go wrong, but we are down to a low probability scenario which is not priced in. joe: so right now you are being compensated for some down side. paul: we've been losing money in mexico for a while. scarlet: you're going to keep doubling down. in mexico, they could seek to renegotiate any renegotiation with nafta. how much does that lay into the actual economy? paul: i don't think a renegotiation of a renegotiation is a sensible thing to take positions on. it is the u.s. which is the driver. u.s. election is important. i don't think a renegotiation of a renegotiation is one of them. joe: brexit. [laughter] a car crashtill paired it's still a disaster. the market is beginning to break up. i've been fairly vocal on this, ,hat you tend to be binding clear competitiveness issues and , i suggestply shock the same rules apply to the u.k.. scarlet: so the u.k. is looking more like an e.m. asset? paul: that's a tiny bit