Investors' ability to buy the entire Turkish market for the value of Starbucks indicates emerging markets are strangely undervalued, a fund manager has argued.
RenAsset Management chief investment officer Plamen Monovski (pictured) told Investment Week Senate Conference delegates the entire value of the US technology sector is more than equal to the value of emerging markets. He said: “You can buy the entire Turkish market now for the value of Starbucks. I am a great fan of overpriced cappuccinos, but I find it a bit strange you can buy all these businesses, many of which have got significant cashflow generation history. “Some of these companies have paid dividends over the course of 50 years.” Similarly, the value of Proctor & Gamble’s d...
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