he talked about opportunity in emerging markets and other people on that panel included michael trotskyith the massachusetts state pension fun, and he said within equities he sees opportunity and small captains, also mark baumgartner from the institute of advanced studies believes going long volatility, that that's about to spike. back over to you, scott. >> less loy, thank you so much we'll check back in with you throughout the day let take, jim, emerging markets. probably the most notable china bear maybe on the face of the earth at this point. i'm sure we can find somebody else who is negative. >> both of us, both of us. >> do you think that story has changed at all in. >> it really hasn't. we're less short china in hour global hedge funds now than we've been in seven years but -- >> is that right. >> and there's a big but, because we're finding lots of other things to do in big markets. so china has been, you know, as you know, a reasonably decent place to be short the last handful of years, but now with opportunities in the u.s. markets, some european markets, we've taken some of t