Top International Investments – Major Market Value Analysis

by | Apr 15, 2007 | Archives

Top international investments depend on good value. Our friend, Michael Keppler, continually researches international major stock markets and compares their value based on current book to price, cash flow to price, earnings to price, average dividend yield, return on equity and cash flow return. He compares each major stock market’s history. From this he develops his Good Value Major Stock Market Strategy that zeros in on top international investments.

His analysis is rational, mathematical and does not worry about short ups and downs. He selects top international investments based on logic rather than market fashion.

Here is a summary of Keppler’s current comments on recent developments & outlook in top international investments and major markets.

Top International Investments Analysis

After a short and sharp setback in February, global equities resumed their previous uptrend and reached new all-time-highs in local currencies and in US dollars. In March, the Morgan Stanley Capital International (MSCI) World Total Return Index advanced 1.5 % in local currencies, 1.8% in US dollars and 1.1 % in euros.

During the first quarter, the MSCI World Total Return Index gained 2.1 % in local currencies, 2.5 % in US dollars and 1.5 % in euros. Over the last fifteen months the corresponding benchmark returns were 18 %, 23.1 % and 9%.

Measured in local currencies all markets covered here — with the exception of Japan — rose last month.

The best performing markets in March were Austria (+6.4 %), the Netherlands (+6.4 %) and Sweden (+6 %). Japan(-1.7 %), the United States (+1 %) and Canada (+1.1 %) came in last.

Year-to-date, the top performing markets were Singapore (+9.2 %), Denmark (+7 %) as well as Australia, the Netherlands and Sweden (all three up 6.6%), while Italy (-0.1 %), the United States (+0.9 %) and Hong Kong (+1 %) were lagging.

Over the last fifteen months, all markets covered here provided double-digit returns: Singapore led the winners with a 47.9 % gain, followed by Norway (+40.2 %) and Spain (+38.2 %). The three markets with the lowest 15-month total return were Japan (+10 %), the United States (+15.7 %) and the United Kingdom (+17.8 %).

In the first quarter, the Top Value Model Portfolio gained 4 % in local currencies, 4.8 % in US dollars and 3.8 % in euros.

Over the last fifteen months, the Top Value Model Portfolio also managed to develop its full strength with total returns of 29 % in local currencies, 42.9 % in US dollars and 26.6 % in euros, outperforming its benchmark by 11 percentage points in local currencies, 19.8 percentage points in US dollars and 17.6 percentage points in euros.

There is no change in our performance ratings this month. The Top Value Model Portfolio contains the following seven “buy” rated countries at equal weights: Belgium, France, Germany, Italy, the Netherlands, Spain and the United Kingdom.

Our current ratings suggest that these markets offer the highest expectation of risk adjusted returns. Michael Keppler, April 12, 2007

For more details on Keppler’s analysis, contact Roderick Cameron at 1-212-245-4304 or email

You can get ideas on shares in these top value emerging stock markets from Thomas Fischer at Jyske Bank at

Jyske Bank uses a good value system as well and their affiliated fund management company has been rated #1 by Morningstar. They use this value system to help us select shares for Multi-Currency Portfolio Educational Tracking Service. This has worked pretty well. In 2006 the mainly equity portfolios we tracked rose 42.93% (Emerging Market) and 114.16% (Asia Emerging Market) in a year. This year the five portfolios we track are up in the past five and a half months:

Portfolios Nov. 1, 2006 To April 12, 2007
Swiss Samba
Emerging Market
Dollar Short
Dollar Neutral

We develop and track five portfolios for educational purposes once a year in cooperation with Jyske Bank’s Private Banking division.

You can learn why this performance has taken place in a sixteen page email report about how 13 economic forces now clash to shape investments markets ahead that show the rewards and the risks. The report also outlines the five new Multi-Currency Portfolios we are tracking in our Borrow Low-Deposit High Multi-Currency Sandwich Educational Service. Details are at International Investments Course with Multi Currency Investments and Portfolios

At our upcoming IBEZ in N.C., we will update our latest multi currency portfolios and much more. Join us May 25 – 27, 2007 at the International Business and Investing Course in North Carolina. Thomas Fischer joins me to update global economics there. International Investments and International Business Course, West Jefferson, North Carolina, May 25-26-27, 2007

Jyske Bank is the second largest Danish bank with 450,000 domestic clients, 35,000 international clients, USD 23 Billion in total assets, and a Moody’s rating of Aa1.

Jyske Bank is one of the most experienced currency trading banks in the world and trades 24 hours a day. Many banks use Jyske Bank as their currency trader.

Jyske has over 35 years’ specialization in private banking and Denmark is ranked by Moody’s as the safest country in the world to have a bank account in.

Until next message, may all your international investments be top international investments.


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