Pacific focus, it was clearly going to have less of a North Atlantic Treaty focus. So, these things are going to go on for a long time. And the only way out of it is some amazing deal, geopolitical deal really, about who controls the seas around Japan, South Korea, Taiwan, the Philippines and Vietnam. Now, if you think we have an American president prepared to concede all of those things to China, then perhaps there's a deal to be done. My view is that this president can't do it. The next president can't do it. And the president after that can't do it. And that is why this is going to go on for a very long period of time. And once again, people read about this in the papers every day, but then don't ask the obvious question, what does that mean for capital flows? And that's the question we're asking. And it means repatriation of capital flows. And there's some real flashpoints down there. And the biggest flashpoint to me is not Taiwan is Vietnam, which is being put in a shockingly bad (73/99)
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