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iShares MSCI Turkey ETF: Tracking The World's Cheapest Market

Philip MacKellar profile picture
Philip MacKellar


  • 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.

Map of Turkey
Manakin/iStock via Getty Images


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

This article was written by

Philip MacKellar profile picture
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. Philip also blogs about personal finance topics on his own website called mymoneymoves.ca in his free time. You can also follow Philip at the Globe & Mail, on Twitter @Rallekcam, and catch him on YouTube at Contra the Heard.

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.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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