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International Markets:The good news is that, as we describe below in detail, we still see a lot of value in the “great unloved,” or the middle part of the market that actually looks attractively priced against today’s low interest rate backdrop, particularly if significant operational improvement can be implemented.
The Asian Millennial:Non-U.S. markets are now cheap enough that, even with their flawed compositions (which is why we prefer Private Equity to Public Equity outside the U.S.; see below for details), they warrant investor attention for at least a cyclical “catch-up trade.” Also, central bank liquidity trends are now generally more in favor of international markets.
For your investing and reading pleasure:this year we want to allocate additional dollars to vehicles that are capturing the explosion in buying power that is being unleashed in Asia. By way of background, there are now a total of 826 million millennials in Asia, compared to 67 million in the United States. Because of this segment’s heft, total consumption in Asia actually passed that of Europe in 2011, and it is poised to exceed the U.S. by 2022. How should one invest behind this theme? See Section IV for more details, but personal financial services, healthcare services, wellness/beauty, healthier foods, and food safety should all be major long-term beneficiaries of the environment we are envisioning.