A good chunk…could be down to fundamentals.  But it’s become so rapid and so correlated across the world that there’s evidence of it getting out of hand. There’s a clear case that part of these increases is the beginning of a bubble…Given the dollar weakening, you can actually borrow at significantly negative rates, minus 15 or 20 percent. This asset bubble we have seen since March, where asset prices have gone up globally across the board in a perfectly correlated way by 60 percent or 100 percent more in emerging markets, is explained by this huge, massive mother of all carry trades.