Major Market Multi Currency Investments Major Market Value Analysis Nov.-Dec. 2007.

by | Dec 14, 2007 | Archives

Major market multi currency investing is one of the best ways to protect wealth if attention is paid to Investing value.

The best way to create long term multi currency investment profits is to get good value in the shares you buy.

One way we keep track of value is to follow the analysis of our friend, Michael Keppler. Michael 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. His analysis is rational, mathematical and does not worry about short ups and downs.

He is in my opinion one of the best market statisticians in the world and numerous very large fund managers use his analysis to manage funds. In January, his company, Keppler Asset Management, was, for the third consecutive year, named Best Fund Company in the Fund Specialists’ category by Capital, a leading German business magazine. Keppler’s firm was one of only six out of 100 companies tested that received the highest five-star rating based on an independent evaluation of fund quality, management, and customer service by Feri Rating & Research and Steria Mummert Consulting.

Once a month we share Michael’s analysis with you.

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

Recent Developments & Outlook In November, global equities suffered their worst monthly setback since May 2006, when the MSCI World Index lost 4.4 %.

Last month, the Morgan Stanley Capital International (MSCI) World Total Return Index (with net dividends reinvested, December 1984=100) declined 4.3 % in local currencies, 4.1 % in US dollars and 5.5 % in euros.

All eighteen markets covered in this publication declined last month. Spain (-1.1), Switzerland (-2.5) and Germany (-2.7) lost least.

Belgium (-9.7 %), Austria (-7.9 %) and Singapore (-7.8 %) performed worst.

Year to date, thirteen markets advanced and five markets declined.

Hong Kong (+41.1 %), Singapore (+20.9 %) and Germany (+19.5 %) performed best.

Belgium (-11 %), Austria (-8.1 %) and Japan (-7.2 %) performed worst.

Performance is calculated in local currencies, if not mentioned otherwise.

The following table shows how the Major Markets Top Value Model Portfolio compares to the MSCI World Index as of the end of November:

Top Value Portfolio2.1 8.412.73.424.816.4
MSCI World Index2.510.815.8 2.3 23.516.0

There is no change in our performance ratings this month.

The Top Value Model Portfolio contains Belgium, France , Germany , Italy , the Netherlands , Spain and the United Kingdom at equal weights.

Our current ratings suggest that these markets offer the highest expectation of risk-adjusted performance.

SELL CANDIDATES (Low Value) Austria , Canada , Denmark , Hong Kong , Japan , Singapore, Switzerland , U.S.A.

NEUTRALLY RATED MARKETS Australia , Norway , Sweden .

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 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 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.

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. Here is the 2006 performance.

Here is the 2006 performance
US Dollar Long 9.04%
US Dollar Short10.43%
US Dollar Hedge11.46%
Emerging Market42.93%
Asia Emerging Market114.16%

Here is the 2007 performance
Dollar Neutral 38.67%
Dollar Short 48.19%
Swiss Samba53.32%
Emerging Market122.62%

However the 2008 portfolios we are now tracking were not immune from the decline of the last month. Here is how they performed Nov. to Dec. 2007:

Portfolios 2008 Dec. 01

Infrastructure -18.58%

Emerging Market -19.62%

Danish Health -38.06%

Green -11.43%

$ Short Non – 6.24%

Blue Chip – 2.00%

You can learn why this performance has taken place and see the new 2008 portfolios in our Multicurrency Portfolio Educational Service. Details are at

Until next message, may all you global investments be good.


Join Merri and me in Ecuador this winter.

Enjoy hikes around the village. See some of the paths we love to stroll below.

Jan. 18 – 23 Ecuador Spanish Course

Jan. 24-25 Imbabura Real Estate Tour

Jan. 18-23 Spanish Course & RE Tour and

Jan. 24-25 Imbabura Real Estate Tour

Feb. 18-23 Ecuador Import Export Course

Mar. 7-9 Thomas Fischer at Jyske Bank will join us for our International Investing and Business Made EZ Ecuador Course

Mar. 10-11 Imbabura Real Estate tour

Mar. 12-14 Coastal Real Estate tour

See a restaurant on the beach that we’ll visit during our Coastal real estate tour at

Mar. 7-9 IBEZ and Mar 10-11 Imbabura Real Estate tour

(Take Coastal tour instead add $100 – $200 for two)

Mar. 7-9 IBEZ and both real estate tours