 Good day, fellow investors! There are three things that I want to discuss today from your comments. The first is corruption, emerging markets, are those really so corrupt and compare it to the developed world? The second things are index funds returns and how people start to see, okay, it might not be that good, which leads also to domestic bias. If you're investing one country, doesn't mean it will be the same in the other country. Let's start! So Redondo gives us a link how 26% got jailed for the Azubao online peer-to-peer lending scam in China, which is, okay, something that happens, the Chinese government has reacted and put people into jail. Let me show you a more sophisticated way of scamming the market. New York Times magazine, why only one top banker went to jail for the financial crisis? Much more pain than Azubao, but much different picture out there. Another nice picture, what's going on in the developed world? I will leave the comment to you here. The problem is that, okay, there is corruption in emerging markets, but that is on a low level. The corruption, the real corruption in developed markets is legal, so it's not corruption, but whether it is ethical or not, there can be a lot of debate. And we must see, okay, what's really going on? That's why I find it easier to navigate emerging markets. Check the person. Are they corrupt? Are they not corrupt? If they are corrupt, what happens? If they are not corrupt, what happens? And then balance everything out. It's, everything is in a smaller bubble. In developed markets, everything is in a bigger, bigger bubble. The ECB is buying, they probably will stop, but they are still buying 40 billion of bonds. And they are manipulating political elections with those purchases because before Marcon had to be elected in France to stop the populists, they increased the purchases of France much more than it should be from weighted economical perspective. So to keep things calm in France, not to escalate the situation so that Marcon gets elected. So those kinds of sophisticated corruption is what you don't see, but it is also corruption or it is not unethical because it's a lot of manipulation. So we simply have to accept that, learn about it, and see how we can get the best out of it. I'm not going to fight the ECB or the Fed and ruin my life to fight them. I'm just going to say, okay, what's going on? Try to do my best not to be like that. And that's my contribution to the world. On index funds, Mike says how 1963 to 1982 19-year period of negative returns for the S&P 500 inflation adjusted. Further, good chance that the record can be broken if negative returns inflation adjusted. We just need a 40 to 50% decline for 2019 to 20 to be in a negative return inflation adjusted for the new millennium. So everybody's talking about index funds, but if the S&P 500 goes to the median price earnings ratio of 14.69, historical, from the current 25, we have a 40% stock market drop and negative returns for this millennium, which is something very possible. And I want to conclude with Brazil, domestic bias a little bit. I live in Brazil, many good companies, our high return on equity, high margins, low debt, low price earnings ratio, high dividend yield, and other David F also from Brazil conquers. So we have a lot of things going on in Brazil, but yes, with the cheap, cheapness of the market, which is 70% below what it was in the peak 2008. So really perspective on how enthusiastic people can get about stocks and then how pessimists they can get about stocks and the reality somewhere in between. So you have to really take advantage of that reality. And then going into domestic bias, if you can find the price earnings ratio of 10 in Brazil or wherever real price earnings ratio of a good business or wherever in the world, it will probably do better than the S&P 500 and the 25. So try to balance that domestic bias, try to learn as much as you can about what you don't know to compare it to what you know, and then you will find the best investment. It's stupid just to invest in the states because Buffett has been doing it for the past 70 years. However, if you know what you're doing there, it will be good. But just to invest because it is good to invest and it has been good, it's not smart because there are other better opportunities. Looking forward to your comments, as always, thank you for watching and I'll see you in the next video.