yes, however, i see a resurgence in rotation back into Brazil as US and European equities start consolidating (probably retreating here). we're seeing healthy profit taking on decent earnings (e.g. DE, CSCO) as well as massive hits to companies who are missing (e.g. CLF). On the Europe front, equities have had a very nice run and there will definitely be profit taking. Regarding LatAm, folks are realizing that not all MX equities are created equal and Colombia and Chile have gotten quite fairly valued, if not more. This leaves Brazil. Both domestic and foreign fund flows into equities are increasing and despite the govt's inconsistent approach to policy, growth is looking good. I think investors will recognize this. Regarding GFSA3, there is still much more upside surprise than downside. We could easily awake to see news regarding Alphaville IPO or even a bid to take the company private. The quest for yield and top line growth is very strong.