Risk on.

Prices are starting to look somewhat reasonable for the first time in over a year:
Coal Company stocks and physical Lead are both down 20%.



























Brazil and India down about 15%






























I hadn't been aware of the recent performance of the Estonian economy until today, but for the very compelling reasons outlined in John Dizard's article in the FM section of the FT the other day, I believe this fund would provide good diversification to a not-Dollar portfolio. Estonia is on track to join the EU next year, so investing in its stock market provides Euro exposure without the structural weaknesses of the European economy.

SEB Eastern Europe Small Cap Fund

The Dollar is close to median value against the Euro ($1.35) and strong against the basket of currencies which make up the dollar index.















I think we are entering the moment where the paths diverge between the V-shaped recovery of low debt, youth oriented, growing economies, and the W-shaped recovery of the over-leveraged, sluggish, aging countries.

Remember the international investing formula detailed before on these pages. An successful economy and candidate for investment must contain Attractive Women + Quality Music + Decent Educational Opportunities + Young Population + Low Debt/GDP ratios + Accelerating Credit Expansion (installment plans, mortgages, etc.)

With Quality of Music and rate of Credit Expansion counting the most in projections.