Part II: Is now the time to re-allocating to the BRICs?

David Iben manager, Heptagon Kopernik Global All-Cap Equity fund    Bargains available Price is the most important variable in any investment decision.  In many emerging markets, price is inexpensive. Inexpensive to what?  To their own prices three years ago. In aggregate, they are cheap, relative to GDP. Prices are low compared to book value, to sales, to earnings, cashflow, to liquidation value and to replacement value. All this is in stark contrast to valuations in the US. And while expected growth rates in the developing world have been trimmed significantly, they should st...