Montag, 2. Mai 2011

Japan's economy

The Japanese economy got back to work sooner than later, the index quickly snapped back, and the Nikkei had recouped its losses by January 1996. Of course, this recovery could take longer given the enormity of the devastation, but honestly, the best time to sell out of Japan was on Thursday, before the quake. Sell now and you are locking in short-term losses. Instead, try to look at this as dispassionately as some smart international money managers. Charles de Vaulx, manager of the $1.8 billion IVA International Fund, which invests in Japan, told Bloomberg Businessweek “We do not expect to make any significant changes to our portfolio as a result of this tragedy.” And Oakmark’s David Herro, Morningstar’s 2006 International Fund Manager of the Year added:
“Our view on Japan is still the same. When you look at the valuation of Japanese companies, if you look at what’s happening with Japanese managements in terms of improving operating efficiency, we’re still excited about the Japanese equity market. If this causes market values to go substantially lower, we’ll use this as an opportunity to buy quality at lower price…. Very little of this will ultimately impact the long-term price of the companies we own.”

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