Total Returns by Country Since March 2003

The MSCI World index, which measures global equity market performance, is now up just 68% (not total return) since its bottom on March 12, 2003. After analyzing the performance of various country indices since then, we found some interesting results.

click to enlarge

Since the 3/12/03 global market bottom, Brazil, India and Mexico all have total returns of more than 400%, with Brazil leading the way at 427%. Germany has been the best performing Western European country with a total return of 187%. At the bottom of the barrel is Japan, with a gain of 68%, but unfortunately the US ranks second to last at 77%.

So while much has been made of how well the US has held up during this downturn, it still lags behind pretty much everyone else when looking at the last bull and the current bear. The most surprising performance number comes from China. After its bubble and bust from 2005 to present, China's performance is pretty much right inline with the US at 79%. With so much focus on China's growth this decade, one would think its equity markets would be at the top of the performance ladder with other BRIC countries.

Comments

[Vlada Kynsky:]

Thanks for posting. I was also surprised by China performance. No one would say that it is as much as US.

2008 Aug 24 03:14 PM

[asdfwssevwe:]

Interesting article, I think that it is also important to look at the break down between different sectors and sub-sectors.

bullishbankers.com

2008 Aug 24 03:56 PM

[Umm, yeah:]

Interesting. Good stuff. How much of this is due to the currency exchange rates/weak dollar?

2008 Aug 24 06:19 PM

[bear_mkt:]

Bespoke needs to go over to Gannett and hire an out-of-work copy editor to edit its copy. This is poorly written.

What's being compared to what here? If the "MSCI World Index Local Currency" index is up 68%, how come the 22 listed components are up far more than 68% on a "total return" basis? Isn't this perhaps a story on currency inflation?

Fill in the gap in the logic here, I am not a mind reader.

2008 Aug 24 09:58 PM

[buyitcheap:]

I'd like to see the exchange rate adjusted returns as well. And to note also that Brazil was pretty much starting in the sub-basement to generate such returns.

2008 Aug 24 10:34 PM

[Pipo:]

Jim Rogers has been saying to invest in Taiwan. Its one of the most depressed markets and has a lot of potencial.

jimrogers-investments....

2008 Aug 25 04:21 AM

[User 250354:]

Why omit Norway? The index has gone from appx. 98 to 420. In my book that is not too bad.

2008 Aug 25 04:29 AM

[Krakatoa:]

Indonesia (Jakarta Composite Index) up 443% for that period, better than Brazil.

2008 Aug 25 04:44 AM

[Pipo:]

Jim Rogers has been saying recently that Taiwan is a major opportunity. It is certainly on the cheap side.

jimrogers-investments....

2008 Sep 02 06:24 AM

[Directoy:]

In 2003/5/6/7 Brazil was leading the way at 427% returns !
How Brazil look like today ,on the global market ?

2008 Dec 31 01:51 PM