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On returns from indian markets:
we actually took some money from our India overweight to put more into China and that's partly thinking about relative valuations and also thinking about this rate hike in process. We expect Indian rates to start to go up in January, and India's economic performance is very strong off the bottom but probably underlying inflationary pressures are somewhat higher than in China.
"over the whole of calendar year 2010 from current levels, we are expecting a 20% or so return . India still is an overweight for us, great industrial production numbers, corporate earnings coming through if anything better than expected"
If you look at the analog for 2004, you got a correction around the time the Fed language changed and certainly you could see that with these hikes I talked about in India, probably Korea, Brazil and Taiwan as well all in Q1, you could get a correction
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