Introduction
Each quarter, I conduct a review of market valuations around the globe using data from MSCI. The purpose of the exercise is to rank the countries of the world from cheapest to most expensive and track
iShares MSCI Turkey ETF: Tracking The World's Cheapest Market
Summary
- Once a quarter, I conduct a review of market valuations around the globe.
- Turkey is currently the cheapest market in the world by many measures.
- Turkey is cheap for many social, geopolitical, and economic reasons, including inflation, currency depreciation, and questionable central banking practices.
- This said, demographic and economic trends are strong, the economy is well-diversified, revenues are growing, and many public corporations have remained profitable despite the inflation.
- Deep value or contrarian investors may wish to consider a position in this out of favour market.
Philip MacKellar is an analyst, portfolio manager, and investor at Contra the Heard Investment Newsletter. He has been with the company since 2011 and has been investing since 2004. The newsletter’s primary focus is on contrarian and value-oriented investment opportunities traded in the United States and Canada. In addition, Philip sometimes engages in M&A, other special situations, and holds bonds, preferred shares, and convertible securities. Contra the Heard is a Toronto-based company and was founded in 1995.
Analyst’s Disclosure:I/we have a beneficial long position in the shares of TUR, SSRM, GREK either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
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