a failed bbq in december rain Who is Mr Benjamin Yeo?
He is the Executive Director and Head of UBS Wealth Management Research. Today he spoke to about 40-50 people at today's ICPAS/ACCA Executive Lunch Series.
Here are some quotes from Mr Yeo that I managed to reap.
- The initial phase of making easy money from the stock market is over. Going forth, look for valuation.
- Consumption in US has never experienced negative growth. [I wonder why. Is it due to natural population growth? Or is it due to immigration numbers into US?]
- Countries with high export as a percentage of GDP are Malaysia, Singapore and Thailand. As such, any slowdown in consumption in US will have a significant impact on these countries.
- Korea, Taiwan and Thailand have the lowest average market PE for the Asian equity markets. Based on data in Dec 2007.
- In the equity sphere, emerging market - overvalued. Among other asset classes, real estate and commodities are overvalued with corporate bonds, undervalued.
- Singapore, despite a year of bad export figures in 2007, still managed to post such strong growth figure.
- look for market with significant domestic demand
- look for healthcare and infrastructural themes in your investment
- flight to quality will continue ie. go for large capitalisation stocks
- more writeoffs could be expected in the coming months - which would give us a more difficult first half of 2008.
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