As Greg Fisher of Adepa Asset Management wrote, amid a world of worries, “keeping the discipline of holding lowly valued, under-owned and unleveraged companies is likely to continue to protect our capital and earn us both income and capital appreciation over the longer term.”
Or to put it more plainly, and in the words of Warren Buffett, “price is what you pay; value is what you get.”
US stocks may be expensive, but you can get better economic fundamentals and cheaper valuations selectively throughout Asia.
And as insurance against the sort of disorderly currency moves that seem to be almost inevitable courtesy of so many central banks behaving badly, we still maintain you can’t do better over the medium term than gold.
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