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do you know Mobius' record ?
Apparently not. He wiped-out his clients accounts. Lost everything in
Russia.
He is proven to be clueless, and he still has not gone away.
----- Original Message -----
From: Gwenael Gautier <ggautier@xxxxxxxxxxx>
Sent: Friday, April 14, 2000 5:46 AM
Subject: [RT] Mark Mobius, take II
>
> By David Chance
> LONDON, April 14 (Reuters) - Emerging markets guru Mark Mobius said on
> Friday that he would probably lighten up on holdings of
> telecommunications companies and he expected global market volatility to
> increase as a result of the sharp declines on the Nasdaq market.
> Speaking to Reuters in a telephone interview from India, Mobius, who
> manages some $12 billion of emerging markets money, told Reuters that
> telecommunications stocks "have gotten a little expensive". "I think
> (portfolio) change will probably be telcos and that will probably come
> down," Mobius said, adding however that telcos would remain the largest
> single sector.
> The sharp drop in the value of the tech-heavy U.S. market has hit some
> emerging market stocks hard and the benchmark International Finance Corp
> Composite Index is now down one percent on the year. Mobius said that he
> did not see any signs that the dramatic losses among U.S. dotcom stocks
> would end and that global market volatility would increase this year.
> "Once you get this going, it is like on the upside, it is
> self-perpetuating," he said of dotcoms. "Globally, volatility is going
> to increase," he said.
>
> Among individual countries, Mobius has been lightening up on South
> African stocks, where he had a large overweight and remains bullish on
> Mexico and Brazil. Mobius stressed however that he had not turned into a
> bear on South Africa and said the changes mainly reflected portfolio
> rotation. He said he still saw value in companies such as Sappi Ltd
> <SAPJ.J, South African Breweries Plc <SAB.L and Anglo American Corp of
> South Africa Ltd <AACJ.J. Mobius also said that he still believes that
> emerging markets will be
> strong performers this year.
>
> Elsewhere, Mobius said Templeton's analysts were telling him that the
> Polish technology sector still had some way to rally. Contrary to some
> of the views among fund managers Mobius believes that the Taiwanese
> technology sector does not necessarly offer good value relative to
> industrial sectors in Taiwan. "If you look at the smokestack/technology
> valuations, the difference is pretty large," Mobius said.
>
> He also had some harsh words for fellow fund managers, who he said have
> slavishly followed stock market indices. "At least 50 percent of my
> colleagues are following the index and I regret the lemming-like
> behaviour of us in the industry and the lemming-like behaviour of
> clients," he said.
>
> Stock exchange regulators also came in for criticism for failing to
> allow markets to function. India, for example, has a daily limit of an
> eight percent price move, which Mobius said could exacerbate panic by
> allowing orders to pile up. "The regulators are behind the ball here,"
> he said. ((David Chance,
> London Capital Markets +44 171 542 6784 email
> david.chance@xxxxxxxxxxx))
>
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