Todd G. Everts: Well we certainly could see a support level somewhere at the Dow of about 7500 and certainly over the next couple of weeks there’s going to be a continued tremendous amount of volatility because not knowing the true direction of the US policy based on the election because we’re so close. But based on these valuations, absolutely if you have long term horizon these are fantastic buying opportunities.

Host: When you say long term horizon, I mean, it could be years before you get your money back…

Todd G. Everts: It could be years but we could be sitting. Especially if you’re investing in emerging markets – the markets you talked about not the US. In certain emerging markets they don’t have a one to one trading relationship with the US. These are the markets that can certainly provide an investor a good return. The other thing that we’re seeing happening, we call on financial institutions around the world and what we’re seeing is a pull back of money from other markets to their home market. If you’re an insurance company in Korea, if you’re a super annuation fund in Australia, if you’re a family office in Dubai, you have to report based on your own currency in your own market. So it’s much easier for them to pull money back into their own markets because that’s where their liabilities are.

Host: And this is what is partly behind the rise in the dollar over the last couple of weeks.

Todd G. Everts: Definitely.

Host: Is that what you do like most here in the emerging markets or would you say don’t take too much risk, go for a broad based fund EMS tracking the MSCI emerging markets index?

Todd G. Everts: The easiest way is to take a broad based approach to it because especially in Asia I think we’re going to see things rise and fall in similarity. What scares me is to see the failure of life insurance in Japan. From what I read they almost had a 30% exposure to alternative investments and so they’ll use those valuations and now they’re suddenly declaring bankruptcy and I think we could see more of that in Japan.

Host: I mean, Japan is an issue and bubbles come and bubbles go and people get used to the fact that stock markets hit near highs but Japan is proving that’s not the case. Here we have the Nikkei trading at around about 8,000…that’s 1/5 of its high two decades ago. Does Japan concern you in particular right now?