[mhjas]

I think that outlook was more likely a few years ago. In the grand scheme of things it seems like places like Stockholm and Berlin have largely capped out. I think it is getting harder to see that there would be significant growth for these places in the future, especially without things like debt and real estate capturing much of that growth. They have largely been growing because there were excess potential, but failures to continue that trend means there isn't as much potential anymore. Maybe they will reinvent themselves, but that is yet to be seen.