International Investing in Turkey


I have been recommending investing in Turkey and have done so myself… for over 20 years.

Emerging market in Turkey where…

Istanbul McDonalds by SpirosK.

the East and  West meet.

This East – West union creates long term opportunity and ever so much more.

At our June Quantum Wealth course, we looked at seven places to invest now… one of them is in emerging markets.

An excerpt of the USA Today article “Emerging markets emerge as stock winners in comparison” (see link to the whole article below) by
John Waggoner shows why this makes sense when it says:  Emerging markets haven’t fallen as much as they usually do in a down market — and that’s a good sign, analysts say.

The average stock fund fell 10.3% in the second quarter, according to Lipper, which tracks the funds. For the year, the average fund has tumbled 5.7%.

But emerging-markets funds, which invest in stocks of companies based in smaller, developing countries, fell 9% for the past three months and 5.9% for the year.

What’s to cheer about? Plenty.

Normally, when developed markets such as the U.S. catch cold, emerging markets get the plague. Most emerging markets sell commodities and manufactured goods to the U.S., the world’s largest economy. When U.S. business is punk, emerging markets suffer.

And emerging markets tend to do best when investors feel bold. The past three months, investors have alternated between terror and horror as doubts emerged about the euro, and the U.S. and Chinese economies showed signs of slowing down.

Although China accounts for just 15% of emerging-markets stocks, “Everyone does business with them,” says Alec Young, market strategist for Standard & Poor’s.

Nevertheless, emerging markets held up remarkably well this year, according to MSCI:

•Indonesia, up 13.6%.

•Colombia, up 13.3%.

•Thailand, up 8.9%.

Most emerging markets took an additional hit because of currency conversion. When the U.S. dollar rises in value, returns from stocks denominated in other currencies tumble. For example, Brazil’s stock market fell 13.6% this year when denominated in Brazilian reais but 16.5% when converted back into dollars.

Yet many analysts who look at emerging markets have been missing one of my favorite emerging markets… Turkey.

Maybe this is about to change as an excerpt from last week’s New York Times article “Turning East, Turkey Asserts Economic Power” by Landon Thomas Jr. shows why although I have been recommending and investing in Turkey for decades this investment still makes sense:   ISTANBUL — For decades, Turkey has been told it was not ready to join the European Union — that it was too backward economically to qualify for membership in the now 27-nation club.

That argument may no longer hold. Today, Turkey is a fast-rising economic power, with a core of internationally competitive companies turning the youthful nation into an entrepreneurial hub, tapping cash-rich export markets in Russia and the Middle East while attracting billions of investment dollars in return.

For many in aging and debt-weary Europe, which will be lucky to eke out a little more than 1 percent growth this year, Turkey’s economic renaissance — last week it reported a stunning 11.4 percent expansion for the first quarter, second only to China — poses a completely new question: who needs the other one more — Europe or Turkey?
“The old powers are losing power, both economically and intellectually,” said Vural Ak, 42, the founder and chief executive of Intercity, the largest car leasing company in Turkey. “And Turkey is now strong enough to stand by itself.”

It is an astonishing transformation for an economy that just 10 years ago had a budget deficit of 16 percent of gross domestic product and inflation of 72 percent. It is one that lies at the root of the rise to power of Prime Minister Recep Tayyip Erdogan, who has combined social conservatism with fiscally cautious economic policies to make his Justice and Development Party, or A.K.P., the most dominant political movement in Turkey since the early days of the republic.

So complete has this evolution been that Turkey is now closer to fulfilling the criteria for adopting the euro — if it ever does get into the European Union — than most of the troubled economies already in the euro zone. It is well under the 60 percent ceiling on government debt (49 percent of G.D.P.) and could well get its annual budget deficit below the 3 percent benchmark next year. That leaves the reduction of inflation, now running at 8 percent, as the only remaining major policy goal.

“This is a dream world,” said Husnu M. Ozyegin, who became the richest man in Turkey when he sold his bank, Finansbank, to the National Bank of Greece in 2006. Sitting on the rooftop of his five-star Swiss Hotel, he was looking at his BlackBerry, scrolling down the most recent credit-default spreads for euro zone countries. He still could not quite believe what he was seeing.

“Greece, 980. Italy, 194 and here is Turkey at 192,” he said with a grunt of satisfaction. “If you had told me 10 years ago that Turkey’s financial risk would equal that of Italy I would have said you were crazy.”

An article posted in April 2001 entitled Profits in Turkey recommended the London traded share Turkey Trust. Though the trust is no longer listed it rose over 1000% from the time we first recommended this share.

Jyske Bank Private Bank’s July 6 2010 Emerging market Update said:  Turkey’s Inflation for June came to 8.37%, y/y, which was lower than expected

turkey chart

We recommend investors to buy short-term lira denominated bonds. The Turkish market rates  remain very low, and yesterday’s inflation number caused yields to edge down. Even so, we maintain our view that the next major movement of the market rates will be upward and that investors will be best served by being invested at  the short end of the Turkish yield curve.

Inflation declined in June to 8.37% y/y from 9.10% in May. The inflation rate was expected to  fall to 8.80%. Given the relatively slow GDP growth in Q1 compared with Q4 2009, the inflation number supports the central bank’s view that there is no immediate need for interest-rate hikes. We still expect the first hike in the fourth quarter of 2010.

Jyske recommended the short term Turkish lire EIB 9% 2013 at a y-t-m of approx. 7.8% bond.

When I bought my Turkey bonds interest rates were sky high because everyone expected the lira (TRY) to fall… but a look at this chart from finance.yahoo.com of the US dollar to the TRY shows it has not done so badly at all.

turkey chart

Here is the lira to the euro.

turkey chart

This is why of the few equity funds I now hold in my personal portfolio is the Jyske Invest Turkey Equity Fund.

Jyske Invest’s Management said in their 1st quarter 2010 Market Comments:

Market Comments, Q1 2010

For the first quarter, the fund generated a return of 9.86%, underperforming the benchmark by 0.27 percentage point.
Review

Turkey was hit hard by the financial crisis and growth fell by 4.7% in 2009. But a budding upturn is on its way. In the fourth quarter, growth rose by 6% compared to the same period the year before, and sources in the government expect growth for Q1 2010 to be a two-digit figure (not yet published).

With an economic upturn on its way and a high rate of inflation, there is hardly any doubt that the central bank will raise interest rates during 2010 from the current level of 6.5%. But in the market there is a fear that the central bank will be slow to take action against the rising inflationary problem.

With respect to politics, the tension between the governing AK Party and the secular establishment headed by the military and the courts has flared up again.

The police arrested a number of former military leaders who have been accused of planning a coup (the Ergenokon case), and the AK Party has proposed a number of amendments to the Turkish constitution with the purpose of limiting the influence of the courts. This infuriated the secular establishment which controls the courts.

The government is unlikely to gather the 60% of the votes in the parliament, which are needed to adopt the amendments. The result may therefore be a referendum on the amendments to the constitution, which would increase the political polarisation in Turkey.

Despite these events, the credit-rating agency S&P revised up its rating of Turkey over the quarter. According to S&P, the reason is the gradual reduction of Turkey’s debt burden over the past ten years and the country’s very solid banking system. This is a clear proof that today Turkey is a much stronger economy than only 5-6 years ago.

Outlook

Turkey is in a budding economic upturn, but for the growth rate to be lifted to a permanently higher level, it is necessary that the reform process gets back on track again. Currently, there are no prospects of a new agreement with the IMF and the political situation is tense. Therefore we still expect wide fluctuations in the equity market during 2010, but in spite of the high price increases in 2009, Turkish equities are still among the most undervalued in the emerging markets.

Jyske Invest will be analyzing quarter 2 results now so watch for an update at this site.

The Jyske Invest fund has not been the best performing of Turkish funds. This fund only started four years and Turkey did not perform during that period.  However Jyske Invest is a value oriented management company using their VAMOS system (Value-Momentum-Strength). Value oriented funds tend to under perform  in down markets and over perform during corrections… and I hold a long term view.

You can see the sector diversification of…

turkey-mutual-fund

the Jyske fund here. Also their top…

turkey-mutual-fund

holdings.

Americans cannot hold the Jyske Invest funds directly but they can be included in managed portfolios. Details are available from Thomas Fischer at Jyske Global Asset Management at fischer@jgam.com

Non US investors can get details on how to invest in Jyske Invest funds from Rene Mathys at mathys@jbpb.dk

The fund was down 14% in 2006 which reflected the fall in that market as the Istanbul Index was down 9.22% last year. The fund is up 42.6% in the past 12 months.

But the Jyske Invest Turkey Fund is not the only way to invest in this dynamic market.

A good alternative way to invest in Turkish shares is the Morgan Stanley managed Turkish Investment Fund. This is a closed-end investment company traded on the New York Stock Exchange (code TKF).  This Fund seeks long term capital appreciation and invests at least 80% of assets in equity securities of Turkish companies. The remainder may be invested in dollar and lira denominated debt securities.

This fund offers an easy way for small investors to get into this market.

Here is a chart at www.finance.yahoo.com of performance of this stock since inception.

morgan-stanley turkey-trust

The review of the Turkish Investment Fund’s movement for the past 17 years compared with the Istanbul Stock Index.

Annual Performance

Year    Portfolio   Istanbul Index

1990     -35.71%      – 8.37%

1991     -4.56%       -23.29%

1992     -40.10%      -49.86%

1993     151.74%      207.75%

1994     -58.29%      -52.56%

1995     – 1.55%      – 5.90%

1996      17.22%       31.87%

1997      65.72%      111.39%

1998     -33.32%      -53.53%

1999     274.06%      244.36%

2000     -41.18%      -46.16%

2001     -28.31%      -33.73%

2002     -32.24%      -36.49%

2003     118.33%      122.39%

2004      35.90%       38.46%

2005      65.05%       51.60%

2006      -7.70%      – 9.22%

2007     +63.32      +32.28

2008     -65.48      -69.43

2009     +224.50  +114.93

The way the Turkish market has historically enjoyed explosive one year triple digits upturns makes this fund look attractive.

I believe that Turkey has a dynamic economy and is positioned to be an important part of the European Union. I believe that it offers good value now. This belief helps me ride through the many serious and lengthy drops before enjoying the phenomenal recoveries this market is famous for.

I’ll speak about emerging markets including Turkey at Jyske Banks Aug. 24 to 27 Global Wealth Seminar.

Thomas Fischer at JGAM just sent this note about the seminar.

Gary

In The movie “Hans Christian Andersen” from 1952 Danny Kaye made Copenhagen famous with the song “Wonderful Wonderful Copenhagen”.  Now You have the opportunity to come to Copenhagen and experience a little bit of the renowned Danish coziness or as we call it in Danish “hygge”.

We believe, in all modesty, that we have put together a very interesting seminar. We have invited world class speakers such as Kenneth Rogoff from Harvard, Peter Berezin from Bank Credit Analyst, David Darst from Morgan Stanley, Jim Ellert from IMD Zürich and the famous Danish “Skeptical Environmentalist” Bjorn Lomborg, named one of the 50 people who could save the planet by the UK newspaper the Guardian. You can see the whole program and a short video at the below link at http://jgam.com/copenhagen-seminar-2010

When we forwarded the invitation in April the price was approx. $2,050 per person in a double room, but since then the USD has strengthened against the Danish Kroner and the price today is approx. $1,700. The price includes accommodation including breakfast at the Copenhagen Marriott Hotel just voted the best hotel in Denmark, reception at our offices, seminar fee, excursions, lunches and a gala dinner with entertainment and dancing.

Danes have been voted the happiest people in the world and now we also have the best restaurant in the World. The restaurant is called NOMA which is a concatenation of the two Nordic names Nordisk (Nordic) and mad (food). The chef, Rene Redzepi, uses only Scandinavian ingredients and how about this for a starter: crunchy baby carrots served with edible “soil” made from malt, hazelnuts and beer, with a cream herb emulsion beneath.

Our slogan “Global investments with a personal touch” is not just a slogan we really enjoy any opportunity to meet with our clients and friends. We sincerely hope that you will join us in August in Wonderful Copenhagen.

On the link below you can register using our online registration form.

Online Registration Form (on jyskebank.com)

Please do not hesitate to contact me if you need any further information.

See details on how to join Merri and me at Jyske’s bi annual Copenhagen seminar here Global Wealth Management Seminar.

Merri and I hope to meet you in Denmark.

Learn about Ecuador banking and investing problems.

Gary

Warning! This recommendation was made last July 2010 and the Turkey stock market has skyrocketed since.

An October 25, Economist article says:  Economist warns investors about Turkish stock market

Investors can still make money from the İstanbul Stock Exchange but they, especially small investors, must be cautious of a bubble in the market, a senior economist warned on Monday.

Over the past couple of weeks, the İstanbul Stock Exchange had been rising to record high levels, Nurhan Toğuç, chief economist of Ata Investment, recalled.”We see a bubble at these levels in emerging markets. People can still make money but small investors must be very careful,” Toğuç said.

See how and why I have been investing in Turkey shares in my two reports on how to find good investing value here.

Belong to the International Club

Who Gets the 36 Cents?

 

I wonder.   Who does the government owe 36 cents?

According to Treasurydirect.com, as of October 31, 2017 the cost of interest on  the total US public debt of $20,467,375,664,755.32 (20 trillion+) was $24,411,569,716.36 (24 billion+).

The 36 cents isn’t much of a problem.  The other 20 trillion is.

This is good news and bad… the rock and the hard spot.  The bad news is that the rock (US federal debt) is getting bigger….harder to miss.  The Congressional Budget Office (CBO) projected in 2010 (the debt then was a bit over 14 trillion) that, under law at that time, debt held by the public would exceed $16 trillion by 2020, reaching nearly 70 percent of GDP.

They sure goofed on that.  Here we are… not quite into 2018 and debt has shot past 20 trillion.

How could the CBO be so wrong? 

The CBO screwed up because they could never imagine that the Fed would push interest rates so low… and keep them there.  The interest rates are so low that the government can borrow and borrow and still afford the interest.

For example, US Federal government interest this year will amount to around $483 billion on the 20 trillion of debt.  Yet in 2008 on debt of only $9,229,172,659,218.31 (9 trillion +) the interest that year was $451,154,049,950.63 (451 billion +).

Interest payments in 2017 are 7% higher than they were in 2008.  Yet the debt is over 100% higher.  

Very low interest rates have helped the government borrow.  Low interest has also helped the US stocks reach all time high prices.

Here is the very hard spot.  The downside is that low interest has reduced earnings of investors.  Low interest has ruined the lifestyles of many who have retired.

Here is what happened and why the problem may exist for quite a bit longer.

If investors can increase the interest rate to 6% from the lousy 1% (or so) they earn now, they gain 1,263% more over 30 years.  Anyone living off interest, who is drawing down their portfolio over 20 years, makes 57% more annual income every year.

But if investors get 6% interest instead of 1%, the government has to also pay more on it debt.

The government will resist raising rates because it will ruin their budget, cause a collapse of the stock markets and destroy the US dollar.  

Rising interest rates, that we would like to see as investors, will create an almost unimaginable debt crisis.  If government interest goes to 6% it is like the $20+ trillion national debt  rising to 100 trillion!  Unless there are some huge tax increases, a 5% increase in interest rates would increase the national debt by five times.

A tax increase?  The current tax act being proposed reduces, not increases, revenue.

This is not a theoretical problem for the future. This is not something that our children and grandchildren will have to deal with.  This is a problem in the here and now.

Interest rates create a massive problem on two sides of the same coin.  Raise rates the massive national debts ruins the purchasing power of currencies.  Keep interest rates low and capitalism does not work for investors.  Politicians simply borrow more (on our behalf) but for their benefit.

Learn how to have more freedom and time, less stress, better health care, extra income, greater safety and profit in your savings despite America’s deficits, debt and currency risk.

Fortunately there are secrets that will allow a few to live much better, free of debt and worry despite the decline in the dollar’s purchasing power.   My wife, Merri and I, have traveled, lived, worked and invested around the world for nearly 50 years to gain this information.

Let me share the basics of this data and how we can be of help through 2018.

The first fact behind this secret is that things are really good in the western world.  Despite many problems, we are surrounded by more abundance and greater opportunity than almost anyone has ever enjoyed, anywhere, ever.   To enjoy a fair share of this wealth, all we have to do is understand human nature and learn how to invest in the new economy, as it changes and becomes new, again and again.

Merri and I have made seven huge transitions in the 50 years.  Each has allowed us to always stay ahead of losses that the majority of Americans suffer.  We are in another transition right now and want to share why and what to do so you can stay ahead and live a richer, independent life through 2018 and beyond.

A falling US dollar is one of the greatest risks we have to our independence, safety, health, and wealth, but also brings a window of huge profit as I explain below.   Though the greenback has been strong for a number of years, its strength is in serious jeopardy.  The growing federal deficits increase the national debt and this with rising interest rates propels a growing debt service.

When the Dow Jones Industrial Average recently passed 20,000, another milestone of “20” took place that has a much darker meaning to your and my spending power.  The U.S. national debt passed the $20 trillion mark.

The problem is that the Dow will come back down.  National debt will not fall.

The double shock of money fleeing Wall Street and US debt skyrocketing, will destroy the purchasing power of the greenback.

Go to the store even now.  Statistics say inflation is low, but buy some bread or, heaven forbid, some fresh vegetables like peppers or fruit.   Look at the cost of your prescription or hospital bills.  Do something simple like have your car serviced at an auto dealer.  Look at the dollars you spend and you’ll see what I mean.

The loss of the dollar’s purchasing power erodes our independence, our freedom and our savings and wealth as well. 

At the same time, low interest rates by big banks and higher health care costs soak up the ever diminishing income and savings we have left.  According to a Gallup poll, the most unpopular three institutions in America are big corporations & Wall Street banks, HMOs and Congress.

Yet there is little we can do because these institutions are in control.

Over the last 50 years the average income for 90 percent of the American population fell.  Our health system is restricted by a Kafka-esque maze of legislation and insurance regulations that delay, frustrate, and thwart attempts by patients and doctors from proper medical care.  Big banks and corporations restrict our freedom of choice.  The business customer relationships are no longer transactions between free equals.

Banks can trap us in indebtedness at every age from student loans to mortgages to health care costs.  They pay almost nothing on our savings.  They hide unexpected fees and payments in complex and unreadable documents.  Banks and big corporations routinely conceal vital information in small print and then cheat.  Weak regulations and lax enforcement leave consumers with few ways to fight back.  Many of these businesses ranging from cable TV to phone and internet service to health insurance have virtual monopolies that along with deceptive marketing destroys any form of free market.

These same companies control the credit-scoring agencies so if  we don’t pay unfair fees, our credit scores will plunge and we could lose the ability to borrow money, rent an apartment, even to get a job.  Many consumers are forced to accept “arbitration clauses” in lieu of  legal rights.  The alternative is to lose banking, power, and communication services.

Big business has also usurped our privacy.  Internet companies sell our personal data.  Personal information is pulled from WiFi and iPhones track and store our movements.  The government can access this information, sometimes without subpoenas.  There’s a lot that we don’t know, often withheld under the guise of “National Security.”

The glow on Western democratic capitalism has dimmed… or so it seems.  The US, leading the way, is still a superpower with economic, innovation and military might, but the institutions that should serve the people have become flawed or broken.

America’s infrastructure is in shambles.  The nation’s bridges are crumbling, many water systems are filled with toxins, yet instead of spending more to fix this, we build more prisons.  The 2.2 million people currently in  jail is a 500 percent increase over the past thirty years.  60% of the inmates belong to ethnic groups.  Not just non-white ethnic groups are suffering.  Annual death rates are falling for every group except for middle-aged white Americans.  Death rates are rising among this group driven by an epidemic of suicides and afflictions stemming from substance abuse, alcoholic liver disease and overdoses of heroin and prescription opioids.

America’s middle class is shrinking.  Nearly  half of America’s income goes to upper-income households now.  In 1970 only 29 percent went to this group.  How can we regain our freedom, our happiness and our well being in such a world?

What can we do?

Gain a better, freer life is to combine better health, higher income and greater savings for a happier, more resilient lifestyle. 

Merri and I will celebrate our 50th year of global living, working, investing and researching to find and share ideas on how to have simpler, low stress, healthier, more affluent lifestyles.  Our courses, reports and email messages look at ways to gain:

#1:  Global micro business income.

#2:  Low cost, natural health.

#3:  Safer, more profitable, investments that take little time or cost to buy and hold… so you can focus on earning more instead

Many readers use our services for just one of these three benefits.  They focus only on health or on earning more or on better, easier investing.

27 years ago Merri and I created the International Club as a way for readers to join us and be immersed in all three of these benefits.   The International Club is a year long learning program aimed at helping members earn worry free income, have better affordable good health and gain extra safety and profits with value investments.

Join us for all of 2018 NOW.

The three disciplines, earning, health and investing, work best when coordinated together.  Regretfully the attacks on our freedom are realities of life.  There is little we can do to change this big picture.  However we can change how we care for our health, how we earn and how we save so that we are among the few who live better despite the dollar’s fall.

We start with better lower cost health care.

Club membership begins by sharing ways to be free of the “Secret Hospital Charge Master”.   Just as governments hide truth behind “National Security”, big health care businesses hide medical truths behind “Charge masters”.  Most hospital charge masters are secret because big business does not want us to know how much hospital costs have risen.  Motivations beyond our good health, like corporate greed, want to keep us in the dark about health care cost.

Despite rising health care costs, a report from the Centers for Disease Control & Prevention shows that hospitals are the last place we want to be for good health.  One report shows that hospital-acquired infections alone kills 57% more Americans every year than all car accidents and falls put together.

Often, what patients catch in the hospital can be worse than what sent them there.  Governments and health care agencies agree  – antibiotic resistance is a “nightmare.”  An antibiotic-resistant bacteria may be spreading in more hospitals than patients know.  About one in every 25 hospitalized patients gets an infection and a 2013 report from the Journal of Patient Safety showed that medical errors are the third-leading cause of death in the country.

Along with the risk of hospital acquired illness and medical errors, the second huge threat to our well being… is health care costs, especially at hospitals.  This is why charge masters are so often secret.  There are few risks to our wealth that are greater than a hospital stay.

I have created three natural health reports are about:

#1: Nutrition

#2: Purification

#3: Exercise

Each report is available for $19.95.  However you’ll receive this free as club member and save $59.85.

Club members also receive seven workshops and courses on how earn everywhere with at home micro businesses.  We call this our “Live Well and Free Anywhere Program”.   The program contains a series of courses and reports that show ways to earn and be free. These courses and reports are:

  • “International Business Made EZ”
  • “Self Fulfilled – How to Write to Sell”
  • Video Workshop by our webmaster David Cross,
  • The entire weekend “Writer’s Camp” in MP3
  • The report “How to Raise Money Abroad”
  • Report and MP3 Workshop “How to Gain Added Success With Relaxed Concentration”
  • The course “Event-Full – How to Earn Conducting Seminars and Tours”

This program is offered at $299, but is available to you as a club member free.  You save $299 more.

Next, club members participate in an intensive program called the Purposeful investing Course (Pi).  The purpose of Pi is finding value investments that increase safety and profit.  Learn Slow, Worry Free, Good Value Investing.

Stress, worry and fear are three of an investor’s worst enemies.  These destroyers of wealth can create a Behavior Gap, that causes investors to underperform in any market good or bad.  The behavior gap is created by natural human responses to fear.  Pi helps create profitable strategies that avoid losses from this gap.

Lessons from Pi are based on the creation and management of a Primary Pi Model Portfolio, called the Pifolio.  There are no secrets about this portfolio except that it ignores the stories from economic news (often created by someone with vested interests) and is based mainly on good math that reveals the truth through financial news.

The Pifolio is a theoretical portfolio of MSCI Country Benchmark Index ETFs that cover all the good value markets using my 50 years of global experience and my study of the analysis of four mathematical investing geniuses (and friends).

There are seven layers of tactics in the Pi strategy.

Pi Tactic #1: Determine purpose and good value.

Pi Tactic #2: Diversify 70% to 80% of portfolio equally in good value developed markets.

Pi Tactic #3: Invest 20% to 30% equally in good value emerging markets.

Pi Tactic  #4:  Use trending algorithms to buy sell or hold these markets.

Pi Tactic  #5:  Add spice speculating with ideal conditions.

Pi Tactic  #6: Add spice speculating with leverage.

Pi Tactic  #7:  Add spice speculating with forex potential.

The Pifolio analysis begins with a continual research of international major stock markets that compares their value based on:

#1:  Current book to price

#2:  Cash flow to price

#3:  Earnings to price

#4:  Average dividend yield

#5:  Return on equity

#6:  Cash flow return

#7:  Market history

We combine the research of several brilliant mathematicians and money managers with my years of investing experience.

This is a complete and continual study of what to do about the movement of international major and emerging stock markets.  I want to share this study throughout the next year with you.

This analysis forms the basis of a Good Value Stock Market Strategy.  The analysis is rational, mathematical and does not worry about short term ups and downs.  This strategy is easy for anyone to follow and use.  Pi reveals the best value markets and provides contacts to managers and analysts and Country Index ETFs so almost anyone can create and follow their own strategy.

The costs are low and this type of ETF is one of the hardest for institutions to cheat.  Expense ratios for most ETFs are lower than those of the average mutual fund.  Little knowledge, time, management or guesswork are required.  The investment is simply a diversified portfolio of good value indices.  Investments in an index are like investments in all the shares of a good value market.

Pi opens insights to numerous long term cycles that most investors miss because they have not been investing long enough to see them.

The Pi subscription is normally $299 per annum but as a club member you receive Pi at no charge and save an additional $299.

Profit from the US dollar’s fall.

In the 1980s, a remarkable set of two economic circumstances helped anyone who spotted them become remarkably rich.  Some of my readers made enough to retire.  Others picked up 50% currency gains.  Then the cycle ended.  Warren Buffett explained the importance of this ending in a 1999 Fortune magazine interview.  He said:  Let me summarize what I’ve been saying about the stock market: I think it’s very hard to come up with a persuasive case that equities will over the next 17 years perform anything like—anything like—they’ve performed in the past 17!

Club members receive a report about opportunity in the  current strength of the US dollar is a second remarkable similarity to 30 years ago.   The dollar rose along with Wall Street.  Profits came quickly over three years.  Then the dollar dropped like a stone, by 51%  in just two years.  A repeat of this pattern is growing and could create up to 50% extra profit if we start using strong dollars to accumulate good value stock market ETFs in other currencies.

This is the most exciting opportunity I have seen since we started sending our reports on international investing ideas more than three decades ago.  The trends are so clear that I created a short, but powerful report “Three Currency Patterns for 50% Profits or More.”   This report shows how to earn an extra 50% from currency shifts with even small investments.  I kept the report short and simple, but included links to 153 pages of  Good Value Stock Market research and Asset Allocation Analysis.

The report shows 20 good value investments and a really powerful tactic that shows the most effective and least expensive way to accumulate these bargains in large or even very small amounts (less than $5,000).  There is extra profit potential of at least 50% so the report is worth a lot.

This report sells for $29.95 but when you become a club member you receive the report, “Three Currency Patterns For 50% Profits or More” FREE.

Plus get the $39.99 report, “The Silver Dip 2017” free.

With investors watching global stock markets bounce up and down, many missed two really important profit generating events.  The price of silver dipped below $14 an ounce as did shares of the iShares Silver ETF (SLV).   The second event is that the silver gold ratio hit 80 and has remained near this level, compared to a range of the 230s only two years ago.

These two events are a strong sign to invest in precious metals.

I prepared a special report “Silver Dip 2015” and updated this in 2017.   The report explains the exact conditions you need to make leveraged silver & gold speculations that can increase the returns in a safe portfolio by as much as eight times.  The purpose of the report is to share long term lessons about speculating in precious metals gained through 30 years of speculating and investing in gold and silver.

The low price of silver offers special value now so I want to send you this report because the “Silver Dip 2017” offers enormous profit potential in 2017.

The report “Silver Dip 2017” sells for $39.95 but club members receive it free as well.

The $39.95 new “Live Anywhere – Earn Everywhere Report” is also free.

There is an incredible new economy that’s opening for those who know what to do.  There are great new opportunities and many of them offer enormous income potential but also work well in disaster scenarios.

There are are specific places where you can reduce your living expenses and easily increase your income.  Scientific research has shown that being in such places actually make you smarter and healthier.  Top this off with the fact that they provide tax benefits as well and you have to ask, “Where are these places?”.

Learn about these specific places.  More important learn what makes them special.  Discover seven freedom producing steps that you can use to find other similar places of opportunity.

The report includes a tax and career plan broken into four age groups, before you finish school, from age 25 to 50 – age 50-to 65 and what to do when you reach the age where tradition wants you to re-tire.  (Another clue-you do not need to retire and probably should not!)

The report is very specific because it describes what Merri and I, our children and even my sister and thousands of our readers have done and are doing, right now.

Live Anywhere – Earn Everywhere focuses on a system that takes advantage of living in Smalltown USA, but earning locally and globally.

This report is available online for $39.99 but International Club members receive it free.

Save $418.78… “plus more” when you become a club member.

Join the International Club and receive:

#1: The $299 Personal investing Course (Pi).   Free.

#2: The $299 “Live Well and Free Anywhere Program”. Free.

#3: The $29.95 report “Three Currency Patterns For 50% Profits or More”. Free.

#4: The $39.99 report “Silver Dip 2017”. Free

#5: The three $19.99 reports “Shamanic Natural Health”.  All three free.

#6: The $39.99 “Live Anywhere – Earn Everywhere” report. Free.

#7: Plus more.

These reports, courses and programs would cost $767.78 so the 2018 membership saves $418.78, “plus more”.

What’s the “plus more”?

Join the International Club for $349 and receive all the above online now, plus any online reports, online course updates or online programs we create throughout 2017 all at no additional fee. The club membership entitled you to everything.

The International Club membership is $499, but we want to encourage our first 100 members for 2018 to join quickly so we are currently accepting discounted membership at $349. 

Join the International Club for $349 and receive all the above online now, plus all reports, course updates and Pi lessons through the rest of 2017 and all of 2018 at no additional fee.

Click here to become a member at the discounted rate of $349

Gary 


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