our next guest to seeing pockets of opportunity, paul mcnamara. joe: paul, thanks for joining us.en a pretty ugly start to the year, that one thing that might surprise people is the fact that the brazilian real, which got absolutely demolished, is up on the year. it's gained almost 2% against the dollar. is the bottom end in brazil? are we missing a potential turnaround will focusing on the negative? >> we like to think so. they get a lot of help, with the fact that they closed today for carnivale. it's been a rough day. brazil is the poster child for the unnoticed correction in emerging markets. if you look at their trade numbers, they just reported the best monthly trade numbers since records began. that's not through any sort of export recovery. are stilly prices well down and not showing signs of turning around. but their imports have followed even further. they've adjusted, they're living within their means. but across emerging markets, we have seen two years of slowing credit growth, two years of a reduction in demand generally, and that's bearing fruit now with much lower i