Tip, I think his views on Asia are the consensus. My point would be that things are bad, but the stock prices are now reflecting that. And they haven't started to get bad here, yet, so Asia is relatively cheaper.
On the Euro, he may be right that we should hold our noses and buy. I don't think he is being facetious, as the idea of missing a market is more important to these guys than safety. And, KB is a long only firm, so they have to be invested somewhere, and I would agree that Europe is relatively safer than the bloated US market and less scary than the cheap Asian market. But we also have to remember that these guys have a European-centered world view, so they don't really think that you can even be devoid of European positions. I believe the collapse in Russia may be as dangerous for Europe, longer term, as the collapse in Thailand was for Asia.
MB
MB |
