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that's just just broadly in the last week or so we've seen an escalation pretty dramatic in the trade war higher tariff rates from both the US and China generally what does that do to the prospects for emerging markets it's not good for emerging markets at least in the short term because there's a lot of adjustments to be made and particularly in Asia because you must remember that most of the Asian nations have their major trade partner is China so this creates some problems but as you just heard there are some countries that will benefit from the movement of manufacturing from China into these other countries so we have to balance out and look very carefully at who's gonna benefit and who's going to be hurt but generally speaking it's not been good for the emerging markets yeah we were just talking to the hasbro CEO about that so in your view mark yeah are the biggest beneficiaries and is that already reflected in their markets not yet you most of these markets are down I would say almost all emerging markets are down but I think gradually as people wake up to the fact that these adjustments are being made then we're gonna see some recovery so it's gonna be a real pick market in other words we have to pick very very carefully who we're going to be in bed with in terms of the future particularly with this ongoing trade war which is not going to end very soon I think it's gonna keep on going on all right so what mark then markets are the ones at least you believe are going to weather this storm better than others well I think in Asia probably Indonesia and Thailand Malaysia those countries are going to be in pretty good shape as we move up north then you've got all kinds of problems I'm here in Seoul Korea and as you know is its dispute with Japan and this is going to hurt the Korean market to a great extent so I would say those countries in Asia then further field probably after this Amazon fire problem is solved then Brazil will be interesting and in Eastern Europe or at least the Middle East you're talking about Egypt and Turkey those countries would be interesting on China mark a lot of people are watching the Chinese currency it's at the weakest levels in over a decade how do you read into what China is doing strategically to manage that currency is it trying to weaken it is it trying to strengthen it and what are these levels tell you I think they want to weaken it gradually they of course want to keep control and not have it precipitous drop but generally speaking you can see a weaker renminbi and of course the problem they face is as they reduce the amount of dollar holdings then it become much more difficult to keep this control so it's something to watch very very carefully but I would say that remedy is going to continue to weaken do you think that Hong Kong dollar is going to continue to be stable amid the protests that have now been going on for months and really a lot of investors have been on the other side about that that's for sure I think the Hong Kong Authority has enough reserves to protect the tank but that can't last forever so we have to watch it carefully but I think they are safe for the time being at least mark I know one of your larger holdings is young China the Chinese seem to be staying away from sort of trying to foment nationalism or encourage boycotts are you confident we never get to that point no I'm not confident here in Korea for example people are not going to Japanese restaurants and so these things do affect what happens in the marketplace but I think in China yummmm has moved into some of the Chinese foods they're acquired some companies that are in traditional foods Chinese food so they won't be necessarily identified as an American company but it remains to be seen we have to watch that carefully have you been increasing or decreasing or just keeping stable your your positioning in China as a result of the weakened it's economy and the targeted tariffs from the Trump administration we're keeping it stable we didn't have a big waiting in China India was more important for us and China is going to remain the same we're not going to reduce or increase and mark finally you got a new book we mentioned it you're dealing here with ESG which has you know we're hearing more and more about it as investors really do start to focus on it and their LPS start to have them focus on it or they are investor base you saw what the Business Roundtable did I mean is it here to stay or is it as some would tell you just another fad that eventually will pass no definitely it's here to stay simply because good ESG means better profits better earnings and better performance that's the bottom line so at the end of the day it reduces risk if a company has a good ESG rating it reduces risk and the stock price performance better that's the findings of what we've seen for a number of studies and of course our emphasis is on governance we want to improve the governance of these companies because then they can go after the environmental and the social aspects but it's governance that's a key where in the world do you see the best example of that not many places are perfect there's no question about it I would say that in some countries in Eastern Europe it's getting better places like Poland we're seeing big improvements in Romania mainly because of the fondo provides lots of funds not a lot of work in that direction but I can't say that any country is perfect and there's really a lot of work to be done there's no question about that you
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