Martín Escobari

If you look at the rest of the world, you can buy Europe at 14 times earnings.

You can buy Brazil at nine times earnings.

You can buy Mexico at 10 times earnings.

We're finding 40, 50% growers at 12 times EBITDA, 14 times EBITDA, as many of them serving dollarized clients.

So the case for global diversification, the price for global earnings, the case has never been stronger.

The price has never been lower.

on a relative basis.

So I do think that in the next 10 years, those who achieve some level of a diversification will be rewarded because I do think there's a little bit of froth in the U.S.

market and the opposite in a lot of the emerging markets.

What have you learned on any recent trips to China?

China is fascinating.

I've been going to China for 25 years and I've seen the development.

It's the fastest change in terms of per capita GDP in modern history or any country at scale.

It's an incredibly complex society, tremendous amount of innovation.

And we were lucky having been early in China as GA.

We've been investing there for 25 years.

I am highly optimistic that tensions have stabilized and that market conditions are improving.

And we've been underweight China for the last five years.

We just did two deals.

We're going to pick it up a little bit.