And so as of mid-day there has been some recovery in the Thai market (looks like it’s the only one up in the region). But the past 12 months it has been dismal, were it not for healthcare and energy the SET would’ve been down -15-20% for 2018 as you can see from the Sector returns. Is value emerging now? I would say a hell yes for certain names, but not for the market as a whole. Thoughts for 2019? Pff….viewpoints are rolling in my opinion, upside risks may come from election dates being confirmed, interesting that the coronation date is already set, US and China pause on their fighting, fed pauses on rate hikes and the USD begins to weaken. Downside risks – well everyone knows it now, slowing econ, brexit, trump, rising rates.