The Silk Long-Term Holdings Portfolio continues to outperform overall, even though many of our individual picks were hit substantially this year. But I anticipated a year of consolidation for the markets Silk covers. Therefore, I recommended a relatively conservative approach.
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Investors are starting to panic. But if this market deterioration accelerates, the opportunity to buy into Asia will be comparable to that of 2001. Back then, I recommended Asian stocks to only a handful of investors who cared to listen. Luckily, the recommendation played out quite well, and I’m expecting the same outcome this time around. more

The majority’s firm belief that Asia’s still nothing more than a high-beta play on the direction of the global economy is driving selling so far in 2008. My view differs from that of the crowd: Asia is an increasingly important part of the global economy--where would Brazil be without Asia?--while leading growth. more

Oil prices are the main topic of discussion among market participants around the world. As food prices pulled back--the Reuters/Jefferies CRB Non-Energy Index dropped 11 percent off its recent highs--investors started worrying about oil’s impact on economic growth. Non-investors have also joined the discussion because elevated oil prices have curbed consumer spending elsewhere.
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During these volatile times, it’s difficult to find bullish investors. The majority of institutional investors are either short or have disproportionate allocations to cash, and retail investor sentiment remains bearish. But it’s not just a US phenomenon; negativity has spilled over into Europe and Asia as well.
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The Hong Kong market is down 12 percent so far this year because the market’s depth has served as a venting mechanism for global investors to capitalize on overall downbeat sentiment. But, despite its sour performance of late, now’s the time to buy into this underappreciated market and take advantage of discounted prices. more