Asia now at 1.4x P/BV, the region has been more expensive in 84%of the time. Asia has traded below 1.0x book twice in the last 33 years, in 1982 and 1998 both being financial crisis. The low at the time was 0.9x PBV. The dividend yield for Asia ex now stands at 4.2%, higher than the level in the market low of 1998 and the 1990 recession. The riskfor the markets is to the upside more than the downside.