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Article: Fund Dares Tread in Argentina
- Article from:
- International Herald Tribune
- Article date:
- January 5, 2002
- Author:
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INVESTORS in emerging markets need the sort of temperament that allows
them to laugh in the face of danger. A rule of thumb holds that you
should buy when there is economic calamity and rioting in the streets,
then sell soon after a new epoch of peace and prosperity is proclaimed.
Jonathan Neill, manager of the FPP Emerging Markets Fund II, evidently
subscribes to this viewpoint. He has fought through the tear gas to
invest 4.6 percent of the fund in Argentina, amid the country's deep
and protracted recession and prospects for currency devaluation and
debt default. In a letter to shareholders of the fund, offered by
Fabien Pictet & Partners Ltd., Mr. Neill said ...