Global Value Investing

[throwerw]

Part of the explanation for high margins must be that half of S&P earnings come from abroad. We've seen that emerging market margins are higher than average. That should come down as those economies develop, but you also have higher growth. In the US, if corporate taxes are lowered, net margins should expand even further, should they not?

15x is rich and I agree, it has become much more difficult to find value in the US market.

That's why I'm in stuff like 550:HK.