Word: cheapness
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...this could soon change. A road is slowly creeping through the heart of Upper Mustang. It connects Lo Monthang to Tibet, carrying cheap Lhasa beer and change to the walled city. Workers are painstakingly hacking out the northward road from the rock along the Kali Gandaki River as I write. Within decades, maybe far sooner, the old trade route from Tibet to India will be revived in far different form, Tata trucks rumbling over the ancient paths on which yaks once marched...
...been known to take positions in Turkish glassmaking stocks, Serbian construction stocks and inflation-index-linked housing bonds in Iceland. Today he says he has no dominant positions and cites certain themes such as insurance providers in emerging markets and food. In the latter, he likes beneficiaries of cheap agriculture and protein, noting opportunities in Argentina GDP warrants, Brazil broadly and fertilizer companies in Taiwan. In equities he likes Serbia, Macedonia, Malaysia and the GCC (Gulf Cooperation Council) countries, and he is looking to other frontier markets, including Kazakhstan and Georgia. Pushed to home in on one idea, Leitner says...
...equities. His biggest trade, however, is to buy the Taiwan equity index and pay Taiwan interest-rate swaps to finance it. The audience pounces: Why would an emerging-market specialist rate Taiwan, a market no longer "emerging"? Relative value is the answer. "Against the broader world backdrop, Taiwan is cheap," Dimitrijevic contends, "and financing in Taiwan is ridiculously cheap." Taiwan doesn't share the deflationary problems of neighboring Japan, so long-term interest rates of just over 2% seem crazy, he explains...
...management at most companies he visited in the region and noted opportunities particularly in investment management and construction. On the former, Symonds believes that last year's gulf states market crash was overdone, and on the latter, that despite talk of a property bubble, real estate is still extremely cheap by world standards. A penthouse apartment sells for about $350 per sq. ft. (about $3,750 per sq m). Comparable properties in New York City and London sell for about five times that price...
...usual, pointed challenges arose. One questioner noted that the construction boom depended largely on cheap labor from the Indian subcontinent, labor that will grow more expensive as these workers are integrated into society down the road. Another questioner expressed skepticism about occupancy rates. This kind of push and pull is what makes markets, of course. The difference is that for hedge funds, trades gone wrong can be disastrous...