Hi Ankit! Thank you for your comments. It's very interesting that India and Malaysia have more or less stabilized after the near crisis last summer/fall. For the moment, it appears that developed markets are mopping up the capital fleeing the EM's. I think the extent of the problem could be worse. The easy money of the past 5 years has focused a good deal on EM's. If there is a significant increase in interest rates, the economies will stall. And if the economies stall, I suspect we will discover that the misallocations of capital in EM's has been very large. Where exactly they reside we won't know for some time.