Stock markets always recover six or eight months before the real economies. We are definitely in the first phase of the next bull run in Asia. We like Korea and Thailand. Korea and Thailand have undergone painful structural changes, and extensive corporate restructuring is underway. They have opened up the markets to foreign competition.
Some stocks are still fairly cheap.
There is still time to get into these markets and pick the stocks we like. We also like smaller markets like Sri Lanka where fundamentals are improving. That's the lesson we have learned in the past year. The political risk premium has risen and investors won't just be looking at the upside they can get on stocks but at the big picture. You only have to look at Indonesia.