Roger Nusbaum submits: Longtime readers will know that I have had exposure to Norway, as part of the overweight oil theme, for almost a year and half.
I own Statoil (NYSE: STO) across the board for clients, and own it personally too. I actually mentioned the name on Forbes on Fox last July.
The starting point for Norway as an investment destination is what is good for oil is good for Norway.
This chart shows the ADRs outperforming the local shares as the dollar has weakened against the Norwegian krone:
If the dollar gets weaker, as I think it will, you will see ADRs outperform local ordinary shares. I have written about this before. This is a cause and effect type of thing -- not an economic fundamental thing.
Owning foreign stocks can mean you can be less right in your stock picking and still help your portfolio.