Bought a first third of IFN today at 7. Some interesting news
links, not all positive of course, at:
indianbusiness.com
(click on daily business news, then Times of India)
Articles on the budget are of great interest, some good things,
some protectionism, and perhaps one should worry about expenditure
plans. Don't miss the article on the military budget, with the
quote from Tagore and the statement "we are going to cross the
sea". At least Pakistan is overland.... though from much of
India, a crow would fly over water.
I am hoping saber-rattling will calm down, worries abate. BJP is
perhaps opportunist, but I have the impression its leaders are not
insane. How's that for a stirring investment recommendation?
FPF looks cheap here too, since it is (as is the India Fund, which
often trades at a premium)
at a nice discount. (FPF 15.3% discount last Fri at 6 3/4,
IFN -21.3% last Fri at 7 5/8 per Barrons.) I'm not buying more
FPF just yet but would certainly get a chunk if weren't overexposed
there already... Mobius likes the Phillippines, according to an
article about Sime Darby in today's Manila Times
portalinc.com; I have the general impression
its economy has been hit much less hard than other Asian countries,
(see e.g. the NY Times article on Matthews' fund managers visit to
Asia) ...
one source said the "Asian miracle" had more or less bypassed it,
so there was less to unravel. But that's what I thought when I
started buying FPF (even the IMF liked the Phillipines then) and
it didn't stop my first slice from getting cut in half! Perhaps
less bad news now = more to come later?
Cheers,
HB |
