哈哈我就知道
“we talk to our clients not that long ago about a few Chinese stocks we were finding. we had never owned anything in China for decades it was in favor everybody was lining up to go there l knew that they have a pretty authoritarian system of governance and didn't want to be on the wrong side ofthat we stay away from most markets like that as a pretty regular rule. yet the stocks were starting to Discount such a significant degree of China risk that we felt like for the first time ever that you're actually getting well paid. and we found a company whose stock was beaten down 90 percent and thought that was attractive and so far so good but it's not a large percentage of our Capital but it was very Intrepid idea by one of our analysts I don't have a view about emergent markets about the frontier markets we're humble enough and cautious enough to know that if you don't live in a country if you don't have people that are active in that country you're at a real disadvantage and so I have no idea what the premium should be for buying equities in Africa or equities in Asia but when I find a stock trading at 25 cents on the dollar I know that those…..”