1 / 13

January 2005

LLOYD GEORGE MANAGEMENT The East-West Pendulum Revisited The Outlook for Asian and Emerging Markets Robert Lloyd George. January 2005. The East-West Pendulum. The East-West Pendulum Updated. CHINA 2005 vs CHINA 1990 GNP/Trade/Per Capita Income/Stock Market CHINA’s Impact on the World

eitan
Télécharger la présentation

January 2005

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. LLOYD GEORGE MANAGEMENTThe East-West Pendulum RevisitedThe Outlook for Asian and Emerging MarketsRobert Lloyd George January 2005

  2. The East-West Pendulum

  3. The East-West Pendulum Updated • CHINA 2005 vs CHINA 1990 GNP/Trade/Per Capita Income/Stock Market • CHINA’s Impact on the World Manufacturing, Exports, Deflation/Inflation, Commodities • CHINA Investment opportunities and Risks

  4. Indirect Investment in China • Australian mining shares • Brazil iron ore/ Chilean copper • Hong Kong Real Estate • Japanese Machine Tools • Travel and Tourism (HK, Thailand, Malaysia)

  5. CHINA’s Impact on the World (like JAPAN 1980s) 2005-2010 • Deflation or Inflation? • Chinese (like Japanese), buying Art treasures and property • CNOOC’s bid for UNOCAL and - LENOVO/IBM important pointers for the future

  6. Investment Outlook 2005 • US dollar recovery • Liquidity Squeeze • Steady growth in Asian economies • The key is the Asian Consumer (China, India)

  7. REITS - a new Asian Asset Class • US: and Australian / examples in past 20 years - • Japan, Singapore • Hong Kong • Cashflow - High Dividend Yield • Asian preference for property ownership

  8. Lloyd George Management • US$5.5 Billion Assets Under Management • Largest Independent Investment “Boutique” in Asia • Founded 1992 - our vision is that CHINA and INDIA are 2 key Emerging Markets • Offices in Hong Kong, Singapore, Bombay and London • 60 staff (20 investment professionals) worldwide

  9. Investment Philosophy • Conservative, long term, stock-picking • Small cap and Mid cap (Find the “Microsoft of China 2015”) • High ROE, strong balance sheet and committed management with same interests as shareholders • Concentrated Asian Portfolio of 40 stocks - make “bets outside the benchmark”

  10. Natural Resources - Key Investment Theme • “BRIC” - Brazil / Russia / India / China • Food, oil and minerals • Risks are legal, political and corporate governance • Watch the Middle East - where will the oil price be in 2010?

  11. Three Geopolitical Blocs • USA, EU, and Asia • US-DEBT, THE DOLLAR, and “EMPIRE” • EU-EXPANDS FROM 15 To 33 nations (including TURKEY) • ASIA-CHINA/ASEAN FREE TRADE accord, and possible NEW ASIAN CURRENCY BLOC - China is the Regional Leader

  12. China demand as a percentage of world demand

  13. Conclusion • The East West Pendulum has bounced back • Hong Kong still the place to be • LGM a reliable partner for Asian investment

More Related