market folly

Continuing our notes from the London Value Investor Conference 2013, the next speaker is Richard Titherington of JP Morgan.  He presented on which emerging markets were the most compelling as investments these days.


Emerging Markets Opportunities

Richard Titherington is the Head of the JP Morgan Emerging Markets Equity Team based in London.  In terms of price to book General Emerging Markets (GEM) is cheap but not at crisis levels. Because  corporate governance is shareholder unfriendly in many emerging markets, GEM may not actually  be that cheap. For example, many Indian and South Korean companies do not pay dividends.

Titherington likes China, Korea and Russia. He said that China is in the sweet spot, having both good  value and momentum. His main message was to buy what is cheap and unpopular and to sell what  is expensive and popular. Thailand and Indonesia are particularly expensive whilst Chinese financials  offer significant value.


Be sure to check out other investor presentations: notes from the 2013 London Value Investor Conference.