Livewire Equities

One of the cheapest markets we've come across is Korea, Kerr Neilson of Platinum said in an interview with the AFR. (They've) run a current account surplus since the IMF intervened in the late 1990s which is now running at 7 per cent of GDP, so there's a lot of wealth accruing. Why the market there is trading at eight times earnings is a bewilderment to me. Neilson says China is (also) interesting. It's not going to grow at the rates people used to assume were essential, but probably more like around 6 per cent. On Japan, Neilson says, what we're hearing is that there is a complete change in the mentality of the typical Japanese consumer. Spending on consumer durables is up hugely, and people are back in the shops - clothes purchases are up 10 per cent or more on a year ago. (VIEW LINK)


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