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do you think that this downgrade is going to turn out to be a short-term event that the markets will Overlook in due time in a matter of days uh no I don't think so I think from a longer term perspective people are going to begin to thinking that they've got to diversify their Holdings uh push away away from the U.S and also into equities because that's a way to protect them from any deterioration of the currency uh the US dollar or for that matter any other currency so I would say uh this downgrade is going to have a lot of people thinking about diversification uh not only away from the U.S market but generally speaking away from their home markets interesting because we've had people like Larry Summers and Mohamed El area and say that this decision is pretty much absurd and you know you've had secretary yell and also call it a reaction to our data data that data progressively will look good uh the reason Mark I asked you about whether or not the market reaction is short-lived is primarily because we've seen the Playbook right in 2011 when the markets rallied uh post the downgrade from s p uh would that not be the case uh this time around and why are you calling in for such a strong diversification strategy outside of the U.S what's wrong with the U.S market at this stage well I think the U.S market is okay and it will continue to do well probably go higher from where it is now but there's an incredible amount of money out there in fixed income and in property and other assets and that money I believe is going to be putting being put into equities globally including the us but if you look at the total pie I think more and more people will be allocating a bigger percent of their pie which is growing into International markets particularly Emerging Markets well uh sir it's Ramona here um we're thinking about investing capital and if you had invested in the Chinese stock market last year the result would have been quite negative in fact we saw its biggest pullback since 2008.
how did you navigate the storms around China in in 2022 and what is your outlook for this year well we were out of China actually but uh depending on where you define China but we were big in Taiwan so uh we benefited from the incredible trade that goes between Taiwan and China but the Taiwanese Sox did very well as you know if you look at the index in Taiwan it's outperformed China by a long way so that's the way we solve the problem we also were not in Russia so we missed that that boat uh so we've been in pretty good shape and of course the big markets including uh Taiwan or Korea and India India's done very very well well one thing I wanted to ask you about Taiwan as well is uh you know the main chip that we talk about in relation to Taiwan is tsmc the biggest Foundry in the world and one of the big themes that we talk about around the desk is AI and how so many different investors are jumping into that trade be it by investing in the chip manufacturers the chip designers Etc to what extent do you think the fate of of the Taiwanese index is going to be very closely tied to what happens with IA Ai and and the ultimate rollout whether that hype still has legs there's no question it's uh intricately tied to the uh what's happening with AI and by the way I just came back from Korea and the same things is happening there uh the companies that are related to semiconductors uh doing all kinds of components and that sort of thing uh seeing their order book filling up so we're going to see a lot more activity in Taiwan and Korea in in response to the AI uh interest uh but I think in some ways uh AI has been overdone you know there's been a little bit too much emphasis on that it'll be good there's no question about it there'll be more demand but perhaps maybe not as much as people expect
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