Our house view is that the U.S. economy might slow down a bit. If the Fed raises interest rates consistently throughout this year, that would be negative for Asia but that is not so probable. My biggest worry is that the more the markets go up, the less restructuring there will be. I also worry about companies issuing paper. Earnings may be rising, but earnings per share may not grow very much.
Deflation is another concern.
Also there is China. Sean Darby has also joined the growing band of optimists on Asia. But the strategist for Dresdner Kleinwort Benson in Hong Kong is wary of some markets too. He spoke with Asiaweek's Alexandra A. Seno. We're very positive.