Steve Johnson

Bonds, equities, residential property, cash. Whatever your poison, prospective returns from today's asset prices look meager. One bright spot, however, is high quality European exporters. We own a number of great little companies in our international portfolio, all well managed, growing and paying dividends. This little stock featured in this video is a great example. Imagine if a global leader in medical and cosmetic laser machinery were listed in the US or Australia. What multiple for a debt-free company growing at double digits? Close to 30 would be my guess. The same business, listed in Italy, trades at 13 times and sports a 3% dividend yield. &index=3&list=PLFEqrC7T8IvRRVNiZAZegvXlDVmbR3HfK


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