March 22, 2013

By Derek On March 23, 2013 Under Uncategorized


In this week’s Emerging Markets Illustrated we take a look at my favorite chart. This chart told you to sell stocks in 1929 and to buy them back again 1932 – the best year of the century for long term equity gains. Following its warning, you would have missed the implosion of the dot-bomb bubble as well. What is it saying today? The home of Aphrodite, the goddess of beauty and pleasure, is in the news and while it may not matter much for equity markets, the brazen theft of bank deposits on a rocky island with lots of goats gives us insights into an unraveling of Europe. What will the Keystone Cops come up with next? In research, we look at results from Tingyi (322 HK), a former pioneer in the China F&B market that is coming under attack from all sides. We examine the trouble with rising top line growth and falling profitability. Lastly, analyst Janey Dillon initiates on “the woman from Provence;” L’Occitane (973 HK), a company very well positioned in the fastest growing niche of the global personal care sector with a “best in class” business model. Founded in 1976 in the birthplace of Nostradamus, we learn why he was so bullish on the stock.

Cheers.

Derek Hillen, CAIA

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