Global Share Values

by | Apr 15, 2008 | Archives

Global share value analysis March – April 2008. The values of global shares can help create good multi currency investments.

Finding good global share values is one of the best ways to protect wealth and fight inflation.

The best way to create long term global share profits is to get good value in the global shares you buy.

One way we keep track of global share values is to follow the analysis of our friend, Michael Keppler. Michael continually researches global 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 global stock market’s history. From this he develops his Good Value Global Stock Market Value Strategy. His analysis is rational, mathematical and does not worry about short ups and downs of global share prices.

In my opinion, Keppler is one of the best market statisticians in the world.

Numerous very large fund managers use his global stock market value analysis to manage portfolios of global shares.

Jyske bank has just this month received SEC REGISTRATION and can now offer many additional services to US investors.  Join me with Thomas Fischer of Jyske Bank in the beauty of North Carolina’s mountain spring.  Here is one of the waterfalls at our Blue Ridge seminar center.


Learn more about our upcoming international investing sessions at May 23-25 at our International Investing & Business Made EZ course in North Carolina.

We will also update the Keppler value analysis.  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.

Recently the Global Advantage Emerging Markets High Value fund which invests n global shares based on Keppler’s recommendations received the following awards:

Morningstar Austria Fund Awards 2008: Best Fund, Emerging Markets Equity

Morningstar Germany Fund Awards 2008: Best Fund, Emerging Markets Equity

Feri Fund Awards 2008: Best Fund, Emerging Markets Equity

We’ll have May course delegates come to the farm.


Enjoy this view.


Once a month we share Michael’s global stock market value analysis with you.

Here is a summary of Keppler’s current comments on recent developments & outlook in the global share markets.

Recent Developments & Outlook

Global equities continued their recent downtrend with a fifth consecutive monthly loss in March. The last time this happened was in September 2001. In March, the Morgan Stanley Capital International (MSCI) World  Total Return Index (with net dividends reinvested, December 1984=100) declined 2.1 % in local currencies, 1 % in  US dollars and 5.1 % in euros.

During the first quarter, the MSCI World Total Return Index lost 11.9 % in local currencies, 9.1 % in US  dollars and 16.1 % in euros. Over the last fifteen months the corresponding benchmark losses were 7.8 %, 0.8 % and 17.5 %.

Three markets rose last month, and fifteen markets declined.

The best performing markets were Spain  (+0.8 %), Belgium (+0.7 %) and Singapore (+0.6 %).

Japan (-8.3 %), Hong Kong and  Italy (both down 6.1 %) came
in last.

Year-to-date, the best performing markets were Canada (-2.4 %), Denmark (-7.7 %) and the United States (-9.5 %).

Hong Kong (-19 %), Germany (-18.6 %) and Italy (-18.5 %) were lagging.

The situation did not look  much better over the last fifteen months: Four markets appreciated, and fourteen markets declined.

Hong Kong led the winners with a 14.6 % gain, followed by Canada (+7.3 %) and Singapore (+6.7 %).

The three markets with the
lowest 15-month total return were Japan (-26.3 %), Austria (-23.4 %) and Italy (-22.1 %).

There are no changes in our performance ratings this month. The Top Value Model Portfolio contains the seven most attractively valued national equity markets of Belgium, France, Germany, Italy, the Netherlands, Spain and the United Kingdom at equal weights.

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

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

NEUTRALLY RATED MARKETS Australia , Japan , 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 one of 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:
US Dollar Long 9.04%
US Dollar Short 10.43%
US Dollar Hedge 11.46%
Emerging Market 42.93%
Asia Emerging Market 114.16%

Here is the 2007 performance:
Dollar Neutral 38.67%
Dollar Short 48.19%
Swiss Samba 53.32%
Emerging Market 122.62%
Green 266.30%

However the 2008 portfolios we are now tracking have not been immune from the 2008 turmoil and they have all dropped as well. Several of the leveraged portfolios have dropped dramatically.

Learn how to see and learn from the performance of these portfolios at

Until next message, may all your global share investments be good.


Join me with Thomas Fischer of Jyske Bank as we update global investment this May 23-25 at our International Investing & Business Made EZ course in North Carolina.

Join us and enjoy one of Merri’s home cooked meals in our outdoor dining facility


overlooking Little Horse Creek.