From Global Momentum to Global Value
From Global Momentum to Global Value
The recent pullback in international and emerging markets blunts momentum but highlights the need to search for value worldwide.
According to data from Emerging Portfolio Research, international money managers, who were pouring each week this year an average $1.6 billion into emerging markets invested only $43 million in the week ending May 17th.
Clearly, at least temporarily, momentum is going the other way which is why you need stop losses in place to lock in your gains.
But this long anticipated pullback may a blessing to global investors since some of the valuations were out of whack. For example, India’s SENSEX index was trading at multiples in the high teens.
No doubt the sell offs are leading to some attractive value plays as markets overshoot on the downside. We have identified nine countries that look attractive.
One is Sweden (EWD) with a market trading at less than twelve times earnings.
The Swedish economy is unusually well diversified and fueled by commodities like iron ore and wood, world class companies in telecom (Ericsson), autos, (Volvo) and pharmaceuticals (Astra). Its nine million citizens are renowned for their high educational standards and global outlook. 45% of Sweden’s GDP come from exports.
One of the cheapest markets in the world is Thailand <a href=”http://goodsmir.com.ua/viewby/region/id/1
6598/”>холодильники маленький with its уроки макияжа SET index trading at just over seven.times earnings. With a land area Электроплита more than twice the size of Wyoming, Thailand is a youthful solid middle-income country with a consumer-oriented middle class. Its economy is well diversified, is rich in natural resources, and Erisson 32LH has a vibrant manufacturing sector and strong exports.
Admittedly, the political situation in Thailand is murky. The courts have ruled that the April parliamentary elections were invalid and called for the scheduling of new elections. The election commissioners are resisting. The result is political limbo.
But this unfortunate situation will not last forever and the symbolically powerful King of Thailand, Bhumibol Aduljadej who has presided over Thailand since 1946, will likely be forced to actively intervene to end the impasse.
History shows that that the Thai market is both resilient and explosive. Thailand’s benchmark index rose 115% in 2003.
I suggest investors use the closed-end Thai Fund (TF) managed by СВЧ SAMSUNG MW-87 Daiwa Securities which is trading at a 2% discount to its net asset value.
The recent pullback in international Sony Ericsson K550i and emerging markets blunts momentum but highlights the need to search for value worldwide.
Carl T. Delfeld
President & Publisher Chartwell Partners
http://www.chartwelladvisor.com/
Carl has over twenty years of experience in the global investment business with a strong background DeLonghi EO 3850 in Asia.
• Author of global investor primer “The New Global Investor”
• President of the global investment advisory firm Chartwell Partners
• Publisher of the Chartwell Advisor ETF Report and Asia-Pacific Growth
• Columnist on global investing with Forbes Asia: “Global Gambits”
• Former U.S. денежное довольствие военнослужащих в 2009 году Representative to the Executive Board of Asian Development Bank
• Chairman of the global economic strategy think tank ChartwellAmerica
• Asian specialist with the U.S. Joint Economic Committee and the U.S. Treasury
• Former member of the U.S. Asia Pacific Economic Cooperation Committee
• Former investment executive with Robert Baird BOSCH SRS 3039 EU & Company and UBS
• Graduate of the Fletcher School of Law Olympus FE-100 & Diplomacy with economics scholarship from U.S.-Japan Friendship Commission
• Exchange student at Sophia University, Japanese Ministry of Education Fellow at Keio University
Stock Car Insider - June 26th Issue
Upcoming Events in the World of NASCAR
We NASCAR fans are patriots at heart. And there’s no better way to celebrate the birth Samsung E740 of our nation than at the most beloved track in all of NASCAR, Daytona International Speedway. The beaches of Daytona were already a destination for motor sports enthusiasts before Bill France Sr decided to host the first NASCAR event there in 1947. Twelve years later, the track that we all know and love, Daytona International Speedway opened and hosted its first event drawing 41,000 people.
Next week, the NASCAR Nextel Cup teams head to Daytona to perform their craft in front of a crowd otdelka kuhni foto of 175,000+. Expect the Hendrick boys to dominate. Of all current drivers with 4 or more career starts at Daytona, Jimmie Johnson (average finish of 6th) and Jeff Gordon (average finish of 13th) both lead the pack.
Also expect the following drivers to do well LG GR 343 next week:
Other drivers to note:
Dale Earnhardt Jr - Average Finish 14th Kevin Harvick - Average Finish 16th Dale Jarrett - Average Finish 16th
Next Week’s Schedule:
Nextel Cup: @ Daytona International Speedway (all times in EST) 6/29/06 - 2:10pm NASCAR Nextel Cup Pepsi 400 Practice 6/30/06 - 04:35pm NASCAR Nextel Cup Pepsi 400 Qualifying 7/01/06 - 07:55pm NASCAR Nextel Pepsi 400
Busch Series: @ Daytona International Speedway (all times EST) 6/29/06 - 05:10pm NASCAR Busch Series Winn-Dixie 250 presented by PepsiCo Practice 6/30/06 - 01:05pm NASCAR Busch Series Winn-Dixie 250 presented by PepsiCo Qualifying 6/30/06 - 08:00pm NASCAR Busch Series Winn-Dixie 250 presented by PepsiCo
Craftsman Truck Series: @ Kansas Speedway (all times in Central) 6/30/06 - 12:30pm NASCAR Craftsman Truck Series O’REILLY AUTO PARTS 250 Practice 6/30/06 - 05:00pm NASCAR Craftsman Truck Series O’REILLY AUTO PARTS 250 Qualifying 7/01/06 - 02:15pm NASCAR Craftsman Truck Series O’REILLY AUTO PARTS 250
Who’s Hot?
We’ve been ragging on Jeff Gordon hard of late. Of course, he’s probably been ragging on himself too. After a lackluster star