South Korea has tons of potential but there are risks. Do you have an opinion about the % of market decline attributed to North Korea vs. business risk? I would guess that the majority is geopolitical but that is far from an educated guess.

Regarding the regulatory changes, do you think Japan should be watching this as they too have many “family” conglomerates? The reform will be to the detriment of equity prices in the short term, but “maybe” to the benefit of everyone in the long term.