dow and the s&p, most people now are saying it's gone too far, that a correction is in order. do you see it coming? does it need a catalyst to see a sell-off? >> i think what you're going to see is a whole series of revision upwards in terms of people's expectations for u.s. growth that probably continues through this quarter. then i'd be worried about a correction beyond that point. >> so we've got another three months or so. >> possibly. let's say another two months. but another thing is what clients are saying about developed markets relative to emerging markets. now the trend that's building. people are saying that emerging markets are going to underperform, asian markets are going to underperform, and other markets are going to outperform. what we're seeing in the developing countries are a reversion of european. and in the emerging world, we're seeing rising inflation, which