People tend to lump international investing into this general bucket of opportunity, which to us is kind of silly. We expect a closing of the relative GDP-per-capita gap between the developed world and many emerging markets, but as that happens we believe you’re still going to have stocks be cheap or expensive based on cyclical ups and downs and on valuations that overshoot and under- shoot. Unless you’re smart about picking your spots, you’re not going to be successful no matter where you invest.