Mark Mobius: "No, I'm not worried at all, I don't think you're going to see much inflation coming in in the near term. Simply because productivity is going up and we're seeing much more innovation. So I think prices are going to be stable, relatively stable. And don't forget, the inflation number is still very, very low from a historical point of view. And interest rates are very low from a circle point of view. So I think we're going to be in good shape this year, particularly with this incredible spending program which will find its way into the market. So I think we're looking at a pretty good view, particularly when we look at overseas markets, because if you look at emerging markets, they're going to do very, very well in the case of this big spending program in the U.S.
When you have big spending in the U.S., it means you have big imports into the U.S. because the U.S. depends on imports from all over the world, particularly Asia. And if you look at what's happening in the semiconductor area, you see that there's a global shortage of semiconductors because of the tremendous demand for the cloud for all kinds of uses, particularly in electric automobiles, for example. So I think imports from emerging countries are going to grow pretty rapidly in the face of this big spending program. The other interesting point is that you're going to see many of the people in America who are looking at the market, look at capital gains, are going to think, well, maybe I should put some money overseas. So you're going to see more and more of that. A lot of that money is going to find its way overseas and the direct investments and in other ways.
There's no question this is going to have a big impact, and particularly if you look at the technological area, as you know, China wants to go it alone because they're afraid of not being cut off from U.S. technology. But more importantly, Xinjiang and these other issues are going to be uppermost in people's minds, particularly when we look at ESG and culture. When we look at companies in China, we avoid companies that are tied into the government in any way. So that's definitely going to have a big impact. But then we have to look further afield. For example, we are very interested in Taiwan. Taiwan is doing tremendous strides in the semiconductor area and in technology generally. So that's another area… Korea we're focusing on, but most particularly on India, because there you have one billion people equal to the size of China with an incredible market that's going to be sucking in all kinds of consumer goods and other technologies. So I think that's an area we have to look at very carefully."