Seth, Nake, Mike?Any markets or areas that you're finding more opportunity in these days?Bill
I'm looking where the money isn't flowing... At least not flowing quite as quickly.I'm looking at South America, central america, and trying to figure out if there are any bargains in France, Germany, UK, and Spain.These markets have done OK recently too, but the bigger surges in places like China have me focusing away from there.I never played much baseball, but when I did, I knew enough to try and "hit it where they ain't."Sj
Mexico, Brazil, Japan, and Korea come to the top of my mind. The hits the latin american markets take any time the rest of the world even hiccups keep it interesting for me. Also the smaller to mid-sized European banks in general are fairly interesting given how the EU market is set to open up for payments and transfers in 2008 and get more competitive. Best,Nate
Speaking of Mexico, the political climate there really worries me. I grew up along the Mexican border, so this hits a little close home. Unfortunately, the corruption in Mexico, from the top on down to the very bottom has always been quite rampant. As an example, a close friend of mine was in charge of opening stores in D.F. for a major US retailer. The corruption was so bad, that they eventually had to pull out. All of this is, of course, a bit anecdotal and may not pertain to investing in Mexico. How much of a concern should this be to investors?
Frankly, and with selective/notable exclusions, India and China are to the point where they scare me. Valuations in some companies have gotten to the point where I cannot understand where/how the growth's coming from. To me, investing there has become to tantamount to religion--part faith and part scientific. There's a degree of that in all investing, but it's gotten to the point where the faith overweights science. That's storybook investing, and while it can do well, I think there are a few people that remember the likes of CMGI in or around '99. How could they lose? Well, they did.I'm a bit of a contrarian, inveterate some might say. That in mind, I'm also looking at places where money's not yet gone en masse--parts of Latin America look very interesting, and Russia for the prospect of continued economic/political reform sometime in my lifetime. Let me be clear: Russia really scares the hell of me. But I'm not the only one, and it's created some very attractive valuations.
All of this is, of course, a bit anecdotal and may not pertain to investing in Mexico. How much of a concern should this be to investors? Last question for me.Let me say this -- for the small players, Mexico is tough. For the big, established ones, Mexico is a pretty sweet place to operate. We're focusing on the big, established ones.Bill Mann
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