What do you like about iShares MSCI Austria Index, another top holding?
I love Austria. It’s one of my favorite markets in the world. It’s giving me developed-market stability, in terms of the political institutions being really established, but it’s more emerging-market-type growth. It’s more a function of what’s going on in Poland and the Czech Republic. European companies are finding labor to be much less expensive in some of these emerging regions, so they’re moving a lot of their production toward Austria and some of the border regions. Austria is really at the crossroads. Germany is on one side, and the Czech Republic and Poland are on the other. We also own iShares MSCI Germany Index. I’m really excited about Germany as well, because I think it’s embarking on a process that’s very similar to what the U.S. went through in the early ’90s, in terms of downsizing. It’s going to become much more productive as an economy over the next couple of years. Europe over the next five to 10 years is really going to be an area of strength in the global market. Any
