An asset class: commodities. Do you think they have bottomed or is it that there would be a long trough for this asset class?
Marc Faber : We have to distinguish because the price of oil has very little to do with the price of orange juice or coffee. So each commodity has its own price dynamics driven by global production and global demand.
Now industrial commodities have performed miserably along with emerging markets over the last couple of years because the demand was slowing down especially from China. So, you have prices of iron ore and steel and copper and oil that have collapsed. I happen to think that at this level a lot of commodities are reasonably priced, does not mean they will go up right away. But they come now into a buying rate and I have been buying some oil stocks recently.