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now emerging markets back to being the darlings of investors finally by the way about 30% what's behind this rally is it sustainable going into 2018 it is sustainable because we had three years of really bad performance against the US market now with the US market leveling off still doing well but letting off merging markets are back because people realize that's where the growth is so I expect we're going to see at least 20% more growth in emerging markets going forward because we haven't surpassed the 2007 peak you know so that's gotta happen so not too late to get in and what would make you sit up what risk do you see are there too big risks that we see from a macro global point of view of course North Korea I believe the u.s.
is going to take some action maybe shooting down a missile or whatever that's a big risk the other risk is the the Internet the interruption of the Internet and the global Internet community which you have these hackers who are going into systems and with more and more cloud services being offered with a whole Bitcoin thing and with these interlinking of systems possibility of a hacker disrupting the entire system on a global basis is there and this is something that we have to look at very carefully I'll pick up on Bitcoin slightly later but in terms of markets that you would bet on if I were to get you two main three markets to put your money into what would they be China of course because China continues to open up and there's more opportunity there India will be next these are two big liquid possibilities going forward among the smaller markers I'd probably say Vietnam because that's where Jannik big change they based a small market it's a frontier market it's exciting you talk about China China's managed to rein in financial risks without compromising growth at this point in time with Xi Jinping consolidating his power do you expect the fallout to be greater I think the he's making very very big changes in China and is having a beneficial effect one of the reasons why the growth is continuing in China is because of the fact down in corruption because just remember all the money that's been wasted in corrupt practices slowing down systems not enabling people to do the business they want to do this is going to have a big impact and one of the reasons why China continues to grow only touch on the commodity rally where do you see it going how much more legs well one of my bets is commodities I believe going toe it is time to get back into commodity you've already seen pretty big jumps from the bottom is it a China story no it's not a China story it's a global story but so if you can China is just one pie of the consumption picture you have India coming in you have the other big emerging markets coming in to consume more and more commodities and look the u.s.
largest economy in the world is now growing at 3% so you know this commodity story is is going to be with us for quite some time oil oil is up 90 percent from the absolute bottom and I'm not saying it's gonna continue up but you only need one little event to upset the whole balance in the oil market mark Bitcoin it's been crazy if you're crazy ride $10,000 who would have thought but some betting that it could go up even more what's your take on it well I always tell people Bitcoin is giving tulips a bad name and the bottom line is that it's a it's a religion you have to believe in it or not if you believe in it you will buy it and you will save it and you think that it's going out but if you really did with some close examination you have to realize it's not a currency it's a medium of exchange and there's a real requirement for it because has the US Treasury continues to cut you can crack down on illicit transfers of money you're gonna get all these people around the world who want to hide their transfers searching for a method of doing so and Bitcoin seems to be the way we're doing it from your own perspective is that a bubble brewing and into the bubble is about to rise of course I mean when you see prices going up at the rate they've been going up it's it is a bubble but bubbles can last for a long time maybe you can make a lot of money do you think this bubble will go on for I think it's gonna continue they'll be corrections along the way you know it goes to 10,000 maybe down to six and goes to 12 so you can last for another year at all this is one of the amazing things that very often you look at something like this and you think oh it's a bubble it's going to burst but then it lasts and lasts and lasts it's only when people are you touring you know markets end on euphoria and that hasn't really happened yet because the mayor of fact that we're discussing the problems and maybe the risks means that we're not euphoric yet mark what do you think is the biggest tech investment in 2018 biggest tech investment I would say anything related to the payment system going back to Bitcoin blockchain and all the rest of that there's going to be a continuing revolution in payments and I would say that's going to be the big investment going forward not only by isolated tech companies but by banks and by other companies in the financial sector just one final question the biggest risk or 20:18 biggest risk I would say would be the interruption of the internet in other words you have some major fault as a result of hacking as we have some infection in the internet system
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