I think Canada is a case where you have huge leverage in the private sector and where the economy is slowing down, where you have a strong currency and where the price levels are now relatively high. I don’t think Canada is very inexpensive any more. I travel there all the time, it’s rather on the expensive side. I think there’s significant risk to the Canadian economy.
In addition, Canada has also higher levels of household debts than in US. With the higher leverage in Australia and Canada, I think I’d be very careful about any lending institution[in Canada].