This morning Merri, our hound dog Ma and
I strolled five minutes in the
warm morning sun to the market and bought vegetables and
fruit. Here it
is: A huge hand of banana, three large red papaya, three
blackberries, eight ripe tomatoes, three bags of fresh green
heads of crisp lettuce, a huge batch of greens, plus a bit
organic and just picked, garden fresh. The cost? Seven dollars
change. What value!
I hope you'll join us here at El Meson for our upcoming
course and share this view. This is the
last course that
Merri and I will have here until next fall.
We will focus on how to buy and export items
of extraordinary value!
Good value is one reason we love Ecuador.
One way to also spot
international investment trends is to look for value.
This is why statistical expert Michael Keppler
continuallyy researches all emerging stock markets and compares
their value based on
current book to price, cash flow to price, earnings to price,
dividend yield, return on equity and cash flow return. He
emerging stock markets history and from this develops his
emerging stock markets strategy.
Here is his recent review of emerging market developments & his
After the strong gains the month before, Emerging Markets
more or less sideways this last month.
The MSCI Emerging Markets World Total Return Index edged
down 0.1 % in
US dollars, but gained 1.7 % in euros.
Year-to-date, the global emerging markets benchmark is up
11 % in US
dollars and 9.9 % in euros. During the last fourteen months,
EM Index gained 48.8 % in US dollars and 69.6 % in euros.
Of the three regional indices, Latin America performed best
(+0.9 %), followed by Asia (-0.2 %) and Europe, Middle East
(-0.7 %). Over the last fourteen months, Latin America led
with a gain of 77.6 %, EMEA came in at 56.1 % and Asia at
Performance numbers are in US dollars unless mentioned otherwise.
Sixteen markets out of the 27-market MSCI Emerging Markets
rose last month and eleven declined in US dollars.
Venezuela (+18.3 %), Pakistan (+15.4 %) and Morocco (+6.4
the best performances.
Jordan (-11.3 %), Egypt (-9.8 %) and South Africa (-5.6
%) had the
lowest monthly returns.
Over the previous fourteen months all but one of the twenty-seven
markets covered here rose.
As was the case one year ago, four
markets reaped triple-digit returns.
The best performing countries were Egypt (+198.5 %), Colombia
%) and Russia (+120.1 %). The only losing market over the
months was Venezuela, which declined 3.5 %, while the other
performers Malaysia and Taiwan came in with single digit
gains of +9.1
% and +9.0 %, respectively.
Portfolios invested according to the Top Value Strategy
better than the benchmark. Year to date, the Top Value Strategy
13.5 % in US dollars and 12.3 % in euros. Over the last fourteen
months, the Top Value Strategy gained 64 % in US dollars
and 87 % in euros, outperforming the MSCI Emerging Markets
Index by 15.2 and 17.4
percentage points respectively.
There is one change in Keppler's performance ratings this
Argentina is upgraded from “Sell” to “Neutral”. However,
change does not affect the composition of the Top Value Strategy,
which, at the end of last month contains the following eight
MSCI Emerging Markets: Brazil, China, Korea, Malaysia, the
Russia, Taiwan, Thailand and Turkey at equal weights.
According to Keppler’s performance ratings, these
markets offer the
highest expectation of risk-adjusted returns.
Keppler also feels that Emerging Markets equities in general
included in the Top Value Strategy in particular do not seem
overpriced compared with their history. Keppler’svaluation
suggests that these markets are far from dangerous territory
chances are good for a continuation of decent returns over
three to five years.
You can get ideas on shares in these top value major global
markets from Thomas Fischer at FISCHER@jyskebank.dk
For more details on Keppler's analysis, contact Roderick
1-212-245-4304 or at firstname.lastname@example.org
Until next message good international investments to you!
P.S. Join Merri, Thomas Fischer of Jyske Bank and me at
our next International
Business and Investing Made EZ course in North
Carolina. Review where to invest and
do business now and
learn which markets and currencies may be strong in the year
P.P.S. Double your profit potential with the MultiCurrency
my Borrow Low - Deposit High service