Latin America

In the summer of 2009, BFIA was extremely bullish on Latin America. Well, Latin America was the top performer in 2009. The average Latin American mutual fund outperformed all other market funds. The question is will Latin America keep outperforming over the course of 2010?

Our allocation in the summer of 2009 was 26%. Latin America was our largest exposure. Currently our behavioral model indicates a 13% allocation to Latin America. A pretty significant reduction. Therefore, we believe in there are other markets out there that will become the outperformers for 2010. Wait to see if our behavioral model is correct again.

Paul Samuelson

Paul Samuelson and Robert Solow are Nobel Prize winning economists. I am fortunate to participate in the same volume as the nobel laureates and many other very distinguished colleagues.

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Update

From mid to late January we saw a pull back in the global stock markets. Some pundits said this was a double dip recession where we would begin to pullback to numbers not seen since October of 08. However, our model suggested this was just volatility meaning traders taking profits and not an inflection point. As of today, markets have rebounded some. What is our long-term view. We are cautious of course on Europe, US, and now Asia. We are bullish on Israel, India, and South Africa.