Single country emerging market funds are very volatile. Do you need a Korea fund? The answer is no. Nobody needs a Korea fund.

It's not a tame fund. It goes its own way.

I think Brazil is going to continue to go up and down. But I don't doubt over some extended time people can make money.

Tech is a big part of emerging markets coming back.

To a certain extent, the China story is easy to absorb. It's the most populous country in the world; it's moving rapidly up the economic ladder; it's going from bikes to cars. But it's tricky because that doesn't get to the point that a fast-growing economy means your investment is going to do well.

It's part and parcel of the globalization of the world market.