Morningstar, Day One: Brian Roger's closing advice

David_Snowball

Don Phillips interviewed three managers with a quarter century each at their current funds: Will Danoff, Susan Byrne, and Brian Rogers. Phillips asked each for one bit of closing advice or insight. Brian Rogers, T. Rowe Price's CIO and manager of their Equity Income fund (PRFDX) offered these two:

1. it's time to remember Buffett's adage, "be fearful when others are greedy, and greedy when others are fearful."

and

2. "take a look at the emerging markets again."

That's striking advice, given Mr. Rogers' style: he's famously cautious and consistent, invests in large dividend-paying companies and rarely ventures abroad (5% international, 0.25% emerging markets). He didn't elaborate but his observation is consistent with the recurring theme, "emerging markets are beginning to look interesting again."

For what it's worth,

David

BobC

If not emerging markets, where else will investors find strong, long-term growth? Certainly not with the developed debtor nations, all of whom will have to go through some kind of austerity in the years ahead. And when inflation heats up, watch out for the euro, pound, yen, and dollar. Emerging markets, though, carry more volatility than others as a rule. So for sure own some EM stocks and bonds, but pad these with multi-nationals that do a lot of business in the EM countries.