China Policy: From Cyclical To Secular

A deeper consideration of recent policy suggests that a shift might be underway.While the ‘countercyclical policies’ boosted growth, effectively offsetting various economic challenges, they were also riddled with controversy.Slower growth is not necessarily a negative development.

Continue reading

ECH: Chilean Stocks Offer High Potential Returns But Not Without Volatility

ECH invests in Chilean stocks.The fund is probably at least modestly undervalued, with a net IRR of over 16% possible.However, the fund’s annualized volatility is high as measured by standard deviation. Meanwhile, idiosyncratic risks prevail for ECH shareholders.On balance, I would opt to take a neutral stance on ECH, given the fund’s high level of concentration.

Continue reading

1 5 6 7 8 9 22