00:00I do wonder, given all of this narrative around artificial intelligence and the enormous boom that these companies in some
00:07of these emerging markets like Samsung, SK Hynix, TSMC are having, how does that change the overall EM universe?
00:17It's great to see both of you again. And I would say that from a fixed income perspective, we have
00:23obviously a number of companies also in the debt universe that are benefiting from this AI boom.
00:28But what is really important is that means more inflows into emerging markets.
00:32And that is a positive for emerging market countries in general.
00:36But even before this AI enthusiasm on EM stocks, you had emerging market dollar denominated debt for sovereigns and corporates
00:46outperforming for three years.
00:48So investors started getting excited about emerging markets after the dollar depreciated and some of these EM equity markets did
00:55well.
00:55But EM dollar denominated debt has been outperforming similarly rated credit in the U.S. since 2003 and even over
01:05the last three years.
01:06So where we think the value really is, which is sustainable, is the long term performers, which is the EM
01:14dollar denominated universe, particularly the high yield segment.
01:17But we do the development.
01:17So I think the cost of climate change is the 620 is a way to go to the next four
01:17years.
01:17So we think of the game and the future of climate change is the 1 to 2 to 2 to
01:171 to 2 to 1 to 1 to 1 to 2 to 1 of the 2 to 1 to 2
01:17to 2 to 1 to 1.
01:17So what we think about this is something to be a more effective, being a better way to this isn't
01:17quite a higher talent.
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