The automotive market in Indonesia declined by 30 pct till the end of last year.

I hope we can manage zero growth.

People who purchase motorcycles have just enough money to pay installments. Suddenly when interest rates are hiked, they have to prioritize where they will put their money, for clothes, for food, education, motorcycles comes last.

If I could take a 7-year view on them, I would long Indonesia and short Google.

The most important thing is that the stock market had declined to levels that were arguably undervalued, and that many aggressive managers also realized there was a great deal of pessimism.

It was in a market that was growing but has declined, at least as far as housing starts. What it all comes down to is housing starts. Our benchmark is 3,000 starts annually in a market. There were not very many in these areas and 95 percent of our customers are builders. It is not a people issue, it is a market issue.