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Right now we speak with David Harrow of Oakmark International. David, it's always a joy to speak to you on international investment.

It was a brutal year for International and EM last year.

How do you recoup this year?

It sure was, but yeah, fundamentals have a way of asserting themselves

and certainly as something gets overdone on the negative side

you do have this return to equilibrium you do have a return to prices that kind of come closer to

to valuations.

And this is exactly what we saw last year's prices fell.

Well, earnings were okay.

And so you saw certain companies and sectors being highly devalued. You saw valuation

compression. You just have to wait and be patient because these things come back.

Okay but you have a three or five year horizon.

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