Todd G. Everts: No it doesn’t. You know there’s a deleveraging effect most of the banks worldwide are cutting or drastically reducing the amount of leverage that they’re providing to their institutional investors. Institutional investors typically and most often need massive amounts of leverage to execute their strategies. Many of these institutional investors will find very small nuance to a specific market or to a specific security and they need a lot of leverage to execute that. The banks are pulling back, these institutional investors just can’t trade in a manner in which they want which has a follow-on effect. And it means less capital for many different emerging markets and it means emerging market institutional investors are also going to stay in their own market which is the market that they know so well.

Host: Okay Todd, hold that thought. Come back to talk more in just a bit. Todd Everts there from Wall Street Global live from our Hong Kong studios.

Host: Todd, you left off saying that you know emerging market investors are probably more comfortable keeping their money in their own backyard. What about big western money though, you know if you look at the realist mutual funds of the last , say 2 months or so, there’s been a lot of money cashing out and going back home.

Todd G. Everts: These mutual fund investors ,middle America just slightly high net-worth investors, many of them have their money tied up in a pension plan or there’s a vehicle in the US which is a 401K that they can self-direct and they can make their own choices but these are the same people that are finding it very hard to make their mortgage payment or they have a 2nd mortgage they have to make a mortgage payment on and they’re in the possibility or they’re in default. So they borrow from their pension plan to fulfill these obligations or they simply redeem these mutual funds. Many of these Americans you know unfortunately they can’t find a rock in a map, they don’t understand the Asian economy, they don’t understand the world economy, so because they don’t understand it they’d rather buy something in the US that they do understand or liquidate that so they could transfer those assets to pay that mortgage obligation.

Host: Interesting. You and I were talking offline a couple of minutes ago and you’re describing what exactly you do. You’re basically an honest broker, almost the sort of a dating service most of your clients are institutional clients. What are the certain trends out there in terms of flows that you can ascertain from the business that you do with these guys?