Finally back in Bangkok after two weeks in Europe, one of which was is in Moscow. A fabulous country, a fabulous city, its a properly developed city with wonderful architecture, a history second to none, a culture that is incredibly unique, a metro that is better, cleaner and safer than what I’ve seen in NYC and london, and despite their constant angry look Russians are incredibly friendly. And hey their stock market is incredibly cheap, gazprom is 3x PE, the index is @ 5x..sometimes you have to ask, what are we investing in Thailand for?
Has anything changed in the two weeks I’ve traveled..nope..the news is same with the Fed, the US Government shows how politicians are ridiculous human beings, the Thai Government is still trying to figure out how to push through the infrastructure bill and the Mr T “Please let me come home” bill. The local market has been volatile but essentially hasn’t moved in 2 weeks, its sometimes good to not look at headlines for a while and just sit back and think.
Thoughts going forward? Well when the Fed does ease it will have a negative effect on the markets on a short-term basis, that goes without saying however for Thailand specifically, there’s not going to be quarterly announcements until next year, politics should remain to be quiet, local fund flow will be huge in 4Q13 and we’re willing to bet our LTF’s that the market is going to finish higher by year end.