dollar, the decline in the dollar from year to date, basically January, emerging markets, which is your specialty or one of your specialties. I really want to get into that, the equity market in emerging markets, the disinflation in emerging markets, these bilateral deals between nations. That feeds into another thing that was on my radar, which is Saudi Arabia and energy. I want to get into that. Maybe this inflation deflation thing globally, that ties in. All these things tie into each other. Let's start with North Korea, because obviously this has the largest existential fat tail out there. The markets have seemed to be pretty indifferent to this reality, whatever it is. In that sense, they seem to be also reflecting the public at large. The interesting thing about Kim Jong-un is, when he first came to power, I don't remember how many years ago, but the narrative was, or the hope was, that this guy was westernized. He had grown up in and around Western institutions, educated in (2/45)
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