Contrarian: Riding the Mexican wave

CONTRARIAN

I admit it - I suffer from a bad case of geographical trainspotting, especially when it comes to investment. When I was a kid I could joyfully name every country on a global map and rattle through all 50 US states.

Unfortunately I have never entirely kicked the habit, and I have now let it infect my thinking about investment. Countries matter, and at any point in time there will be a variety of conditions in national stock markets around the world. One can even indulge in this form of geographical investing through the growing number of ETFs and specialist closed-ended funds. Looking at the world of investment through the proxy of countries introduces a dazzling array of competing factors. At a simple level, countries are a collection of different themes and specialisms – some boast a very di...