Over the course of the year, the European markets have outperformed the U.S. I think that part of that is that the big heavyweights that drag the European indexes forward have a much more international orientation, so as global growth has begun to accelerate, I think that companies with a global footprint have been able to enjoy the benefit of that.

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In terms of why we would be trading up today, we saw a very good movement in Japan overnight, I think that some of the (European) economic numbers have been generally quite constructive, and companies have been quite open and honest about any charges, like Philips today.

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We are very lucky to have Luis bring his knowledge and skills to our company.

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