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To follow up on Seth's point on China -- I think I speak for all of us when I say that we are extremely positive on the long-term trend in China. We look extremely closely for opportunities. The internal migration in China is unparalleled in world history: each month China requires the equivalent infrastructure in the Eastern part of the country as a city the size of Houston.

It's a gold rush, and just like almost every gold rush, there will be booms and busts, even though the trend is real. China's come a long way, though now I think that things writ large are likely to be more difficult over the next year-18 months.

Bill Mann
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