Mike Arnold
Long only, small-cap, tech, growth at reasonable price

First Pacific: Still Creating Value In Asia, Still Cheap

The headlines are telling investors they should be selling emerging market stocks. I take the variant view. Of course, there is no reason to swim against the tide; that is, until valuations get compelling enough.

Are we there yet for emerging market stocks? I'm not sure, but I am going through my checklist of attractive foreign businesses to the market will sell any of them at a huge discount to my estimate of value.

One name that comes to mind of late is First Pacific (OTCPK:FPAFY), a Filipino holding company with investments in numerous defensive industries. Since I wrote about this holding company in July, the shares have performed poorly. Not for lack of good business performance, in...

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