And, of course, it doesn't take a lot of U.S. money to cause a huge run in Asian equities. As I said, we believe U.S. rates won't go up much, so there won't be substantial increases across the region. The recovery won't be derailed. As capital flows back into Asia, there is always a danger that some of the companies that were promising to become more transparent, to restructure and to improve their returns on investment will get complacent. But the good news is that money is not that easy to get.
Investors are choosy and there are now a lot of good, transparent companies out there.
What that means is those who are doing cosmetic makeovers or postponing real restructuring won't be rewarded. Ayaz Ebrahim says China stocks have been oversold and the Taiwan earthquake is a buying opportunity. There is a lot of negative sentiment towards China, but we believe it's overdone. There are some good things happening there. Policies have become more proactive.