iShares MSCI South Africa Index (EZA)
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- The Year of the Bear [view article]
- 31 Country P/E and PEG Ratios [view article]
- Global Market Roundup: Will the Bailout Work? [view article]
- Global Stock Markets: In the Grip of the Bear [view article]
- Bespoke's International Equity Snapshot (9/10/08) [view article]
- Global Stock Markets: We All Fall Down! [view article]
- A 360 View of Returns (July 2008) [view article]
- Emerging Markets With Low Valuations [view article]
- Total Returns by Country Since March 2003 [view article]
- Four New Currency ETFs from Rydex [view article]
- Fundamental Analysis for Emerging Markets [view article]
- Single Country Emerging Markets ETFs, ETNs and Closed-End Funds [view article]
loading ...Recent EZA Articles
- Global Stock Markets: The Crash of 2008?
- The Year of the Bear
- Global Market Roundup: Will the Bailout Work?
- Global Stock Markets: In the Grip of the Bear
- Bespoke's International Equity Snapshot (9/10/08)
- Global Stock Markets: We All Fall Down!
- Emerging Markets With Low Valuations
- Four New Currency ETFs from Rydex
- Total Returns by Country Since March 2003
- Global Market Snapshot
- Full List of Articles »
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Total Returns by Country Since March 2003 [view article]
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. Reply
Total Returns by Country Since March 2003 [view article]
Interesting. Good stuff. How much of this is due to the currency exchange rates/weak dollar? ReplyTotal Returns by Country Since March 2003 [view article]
Interesting article, I think that it is also important to look at the break down between different sectors and sub-sectors.bullishbankers.com Reply
Total Returns by Country Since March 2003 [view article]
Thanks for posting. I was also surprised by China performance. No one would say that it is as much as US. ReplySpritzer
Fundamental Analysis for Emerging Markets [view article]
MXF has annual tender offers where you exchange your MXF shares at NAV in return for Mexican securities. This is a good deal, since MXF sells at a double digit discount to NAV.But in order to do this efficiently, you need a large position (at least 100K) and use a broker who can sell shares on the Mexican stock exchange. Reply
Single Country Emerging Markets ETFs, ETNs and Closed-End Funds [view article]
They left out the Swiss Helvetica Fund (SWZ, I think) the only single country CEF for Switzerland I know of. ReplyGlobal Market Snapshot [view article]
Wheres EWO ReplyA 360 View of Returns (July 2008) [view article]
Finally, a universal overview that gives the reader direction for areas to research for future investment. Great job! ReplyA 360 View of Returns (July 2008) [view article]
Thank you, very helpful. Replying
A 360 View of Returns (July 2008) [view article]
very good job Richard, it gives a sectoral - global view, I learned a lot with the summary! Challenging times Reply31 Country P/E and PEG Ratios [view article]
The data here is for the country indices and not for the ETFs. The ETFs are provided as investable proxies for the countries.The data is only available by subscription to various services which are quite expensive, in the thousands. Reply
31 Country P/E and PEG Ratios [view article]
Where can I find up-to-date country P/E (ttm) data? Also, is it possible to calculate the P/E ratio for each country's index rather than using a corresponding ETF?Thanks. Reply
Considine
Do Emerging Market ETFs Really Help You Diversify? [view article]
I get a correlation of 0.75 between EEM (emerging markets) and IVV (S&P500) over the past three years using monthly total return data. This is not a low correlation. I find it a bit odd that so many people are talking about how decoupling was wrong only now--after we have seen some major declines in emerging markets. The evidence for strongly coupled returns between foreign markets and the S&P500 has been around for a long time. See for example this article from Jan 06:seekingalpha.com/artic...
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Do Emerging Market ETFs Really Help You Diversify? [view article]
(Note: During a raging bull, as long as you've got stocks, you're making money. It hardly matters that all of your stocks overlap because you're experiencing gains. Yet in a bear, low-correlating/non-co... correlating assets buffer the adverse effect of stock depreciation. And that's the real reason we "diversify."...Note: During a raging Bear, as long as you've got stocks, you're losing money. It hardly matters that all of your stocks have low correlation values because they can't buffer the adverse effect of stock depreciation. And that's the real reason we sell all stocks.
The iPath Dow Jones-AIG Commodity Total Return ETF (DJP) is not a stock fund. Neither is the SPDR Lehman International Treasury Bond ETF (BWX). That is why diversifying among different ASSET CLASSES as opposed to diversifying among different STOCKS can provide profits. Your continual pitch for the WisdomTree Emerging Market High Yield ETF (DEM), with inaccurate yield assumptions, is disturbing as it is still a STOCK fund and has lost money in this Bear market.
The only place for STOCK allocations (outside of the safety of cash) if you must be fully invested at all times is inverse stock funds, which take the opposite side of the trade for the specific sub-asset class you wish to own. As an example, rather than the WisdomTree Emerging Market High Yield ETF (DEM) which has lost money, compare that ETF to the ProShares Short MSCI Emerging Markets ETF (EUM), which does not apply leverage. Which would you have rather owned?
Disclosure: Writer has previously owned DJP and currently owns BWX.
Reply
Do Emerging Market ETFs Really Help You Diversify? [view article]
HOWEVER, A RECENT "IMF WORKING PAPER" CONCLUDES THAT SIGNIFICANT DECOUPLING (DIVERGENCE) TOOK PLACE BETWEEN 1985 AND 2005.I get into this decoupling versus convergence thing in my Google Knol entitled, "International Investing." If you're curious, this is the URL:
knol.google.com/k/reg-...
The article includes a link that will allow you to download the entire IMF working paper as a PDF file at no charge.
This is the precise information you will need to make sure you get the correct document: IMF Working Paper No. WP/08/143, "Global Business Cycles: Convergence or Decoupling?" June 2008. Prepared by M. Ayhan Kose, Christopher Otrok and Eswar S. Prasad. Authorized for distribution by Stijn Claessens.
Here is a brief portion of the abstract:
"Our main result is that, during the period of globalization (1985-2005), there has been some convergence of business cycle fluctuations among the group of industrial economies and among the group of emerging market economies. Surprisingly, there has been a concomitant decline in the relative importance of the global factor. In other words, there is evidence of business cycle convergence within each of these two groups of countries but divergence (or decoupling) between them."
I suspect the sudden explosion of interest in "frontier" funds represents an effort to gain exposure to that decoupling.
REG CROWDER
Freelance Financial and Investment Writer
knol.google.com/k/reg-...
www.journalistdirector...
www.RegCrowder.com
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