Tag Archive | "Kenneth Rogoff"

Hot Emerging Markets


One path to everlasting wealth is via the hot emerging market economies.

emerging-markets

This Latin path has led to some great profits. See where this path is below.

Yesterday’s message looked at the seven places where I am investing now that we reviewed at our June Quantum Wealth course.

#1: Multi Currency Spreads Increase Cash
#2: Value Markets
#3: Emerging Markets
#4: Wellness
#5: Water Alternate Energy
#6: Truth & Cohesion
#7: Real Estate

And we saw why Emerging Markets especially make sense.

A recent 10 year comparison of major versus emerging markets show some of the reasons that emerging markets are one of the seven places I like to invest in now.

A comparison of the Morgan Stanley Capital index Emerging Market versus Morgan Stanley Capital Index Emerging Market Index.

Annual Return   Emerging Markets 19.81%    Major Markets  10%

Emerging Markets Longest Down period 6 months – Major Markets Longest Down 6 mos.

Emerging Markets biggest downward drop 55% – Major Markets biggest downward drop  53%.

Emerging Markets PE ratio 12.9   Major Markets  PE Ratio 15.2.

Major Markets yield    3.70%.
Emerging Markets yield  3.22%.

In other words in a decade… Emerging Markets have appreciated nearly twice as much as Major Markets.  There has been little difference in the lengths or size of drops and Emerging Markets offer much better PE ratios.  The only area where Major Markets have excelled is yield.

Yesterday’s  message also reviewed the current best value Emerging Markets (according to Keppler Asset Mangement): Brazil, the Czech Republic, Egypt, Hungary, Poland, Russia, Taiwan, Thailand and Turkey.

Now let’s look at the Hot Emerging Market region… LATIN AMERICA.

Here is an excerpt from today’s www.Ecuadorliving.com article that explains why.

“In the first book I wrote back in the early 1970’s I wrote that ‘the sun always shines somewhere”.  This has been the motto of our publishing company since.

“On the eve of the 4th of July… a celebration of Independence, it may be fitting to remember this fact and that this celebration is about an attitude and way of life, not a place.

“The only source of real freedom comes from a strong economic base where everyone has a chance to live well.

“The history has been that industrialized countries provided this economic base of freedom and emerging countries did not.  So great fences have been built to keep the poor from moving to places where most are rich.  However as the tide changes we have to wonder… will the walls built to keep people out start keeping citizens in… like a Berlin Wall?

“Readers often ask me about Nationalization in South America.

ecuador-politics

Photo from May 6 Economist article on Bolivia nationalization.

“I often receive notes from unsettled readers writing with worries about Correa nationalizing all of Ecuador whenever politicians in Venezuela or Bolivia or Peru act up.

“These really are different countries… different people…. different political histories and Correa is quite different having risen from poverty via the educational route not military.

world-view

Photo I took of Correa in Cotacachi.

“Yet the economic prosperity is growing in Latin America… as excerpts from the New York Times below explains.

“We can see the future in the here and now.  Plus our imagination is a value tool if we use it realistically and see ahead with an open mind.  Our forward vision is always blurred by the haze of quantum uncertainty that creates this  world.

“We should hedge our bets.

“One chapter there was about the ‘Concept Conversion Trick’ and says:

“The Concept Conversion Trick begins when people agree on a good concept for working and living together. The people go to work and if the concept is good they will create a paradise. The government gives them a flag and a song. Then the government pulls the trick. The government convinces the people that the flag and song are important. Then while the people are busy watching the flag and singing the song, the government replaces the concept with a set of ever increasing written rules and regulations administered by bureaucrats and backed up by a police force.

“This trick trades people’s individual freedoms for a shiver up the spine when the song is played and the piece of cloth is waved. The Concept Conversion Trick turns spirit into matter. Like trading love for a beautiful plastic doll. When the trick has been pulled and the dust settles, the people realize too late what has happened. Anyone who steps out of line is called unpatriotic or even criminal. He is swatted down by the bureaucracy or police force, crushed with overwhelming power or made an example of so others will tow the mark ‘for the good of society’. All this is done in the name of public interest.

“If this writing sounds prophetic having been written 25 + years ago, it was not. Any simple review of any previous great society shows this trick and evolution. Like the Roman Empire, things may get better for a while, then worse and then better again. In the long term, as societies age, they can lose their original vibrancy and life.

“Should we be surprised? Does not every single thing in this universal existence develop in the same way, vibrant and flexible while young and growing thicker and more brittle with age?

“My father loved animals and worked at the Portland City Zoological Gardens. He was a really kind, gentle, fair and scrupulously honest man. Yet one of his jobs was doing the zoo’s annual budget. I recall him spending weeks late at night (on his own time) working over these budgets each year. I also remember his telling me that every year they had to ask for more money because otherwise the city government would give them less. ‘If we do a good job with their funds, they penalize us,’ he told me.

“This is how the bureaucracy and society works, millions of small units each trying to grow and spend a little more, until the whole thing swells into an unstoppable mass of self-interest. This is the universal nature to grow until the growth becomes so excessive that balance is lost!

“This truth shows us the nature of mankind and every underlying force that goes from birth to continuity and then transformation. This is the way of life and if we are smart investors we recognize this and adapt.

“This is why I have almost always bet against the US dollar.

“This is why my business has been global for more nearly 40 years.

“This is why I have been so involved in Ecuador.

“My experience is that Ecuador is a very democratic free country filled with sweet friendly people. My bet is that the flag waving focus on drugs and terrorists and anti US sentiment will mislead a lot of potential investors and create bargains here now. That’s where I have been putting my money.

“An article in yesterday’s New York Times entitled Economies in Latin America Surge Forward by Moises Saman shows how correct this decision has been. Here is an excerpt:

“LIMA, Peru — While the United States and Europe fret over huge deficits and threats to a fragile recovery, this region has a surprise in store. Latin America, beset in the past by debt defaults, currency devaluations and the need for bailouts from rich countries, is experiencing robust economic growth that is the envy of its northern counterparts.

“Copper awaiting delivery in Valparaíso, Chile. Latin America has benefited from strong Asian demand for commodities.

“Strong demand in Asia for commodities like iron ore, tin and gold, combined with policies in several Latin American economies that help control deficits and keep inflation low, are encouraging investment and fueling much of the growth. The World Bank forecasts that the region’s economy will grow 4.5 percent this year.

“Recent growth spurts around Latin America have surpassed the expectations of many governments themselves. Brazil, the region’s rising power, is leading the regional recovery from the downturn of 2009, growing 9 percent in the first quarter from the same period last year. Brazil’s central bank said Wednesday that growth for 2010 could reach 7.3 percent, the nation’s fastest expansion in 24 years.

“After a sharp contraction last year, Mexico’s economy grew 4.3 percent in the first quarter and may reach 5 percent this year, the Mexican government has said, possibly outpacing the economy in the United States.

“Smaller countries are also growing fast. Here in Peru, where memories are still raw of an economy in tatters from hyperinflation and a brutal, two-decade war against Maoist rebels that left almost 70,000 people dead, gross domestic product surged 9.3 percent in April from the same month of last year.

“We’re witnessing what are probably the best economic conditions in Peru in my lifetime,” said Mario Zamora, 70, who owns six pharmacies in Los Olivos, a bustling working-class district of northern Lima where thousands of poor migrants from Peru’s highlands have settled.

“Vibrancy mixes with grit around his pharmacies. A Domino’s Pizza vies for customers with Peruvian-Chinese restaurants called chifas. Motorcycle taxis deliver passengers to nightclubs. Competition, in the form of a newly arrived Chilean pharmacy chain, looms around the corner from his main store.
Los Olivos offers a glimpse into the growth lifting parts of Latin America out of poverty, but big exceptions persist. In Venezuela, electricity shortages and fears of expropriations caused gross domestic product to shrink 5.8 percent in the first quarter.”

The path below is right outside of Cotacachi, Ecuador.  See the rest of this article at today’s Ecuador Living message that shows why Latin America is a “Growing Place to Be”.

emerging-markets

This is why I have invested heavily in Ecuador.

This is also why I have borrowed US dollars and invested the loan into Mexican pesos and Brazilian real. Learn about this tactic in my report Borrow Low Deposit High.

For example at our June Quantum Wealth course we looked at how the position I took with a$100,000 investment matched with a $100,000 US dollar loan at three percent returns 17% (before fees and forex gain or loss).

$200,000 Brazil bonds due 2016 that pays 10.00%
That’s $20,000 income per annum.
$100,000 dollar loan at 3% costs $3,000 per year

My return on the $100,000 invested is  $17,000 or 17% per annum.

Another one of my borrow low positions is an investment of

$100,000 Mexican government binds due Due 2024 that pays 8%
$100,000 AAA European Investment Bank Australian dollar 2013 bond that pays 5.56%
$100,000 AAA rated European Investment Bank New Zealand dollar 2014 bond that pays  5.38%

My average income on the three bonds is 6.31%  or  $18,930 a year.
My loan cost  on the $300,000 loan is $9,000.

My return on the $300,000 loan is $9,930.

New global bank regulations mean that it requires increasingly larger amounts to make this kind of investment… especially for Americans.  However new forex managed portfolios allow small investors to take advantage of this type of tactic.

For more details Americans should contact Thomas Fischer at Jyske Global Asset Management  fischer@jgam.com

Non US investors contact Rene Mathys at Jyske Private Bank mathys@jbpb.dk

Gary

emerging-markets

Merri and I hike the harbor every day when we are in Copenhagen.  We love…

investment-course

the sights, the…

investment-course

cafes and…

investment-course

open air and…

investment-course

waterfront dining.  Summer is the best time to visit Copenhagen.

Peter Berezin, Managing Editor of Bank Credit Analyst Researech (BCA) will be one of the speakers at the August Jyske Bnak’s Global Wealth Management Seminar, August 25 to 29, 2010 in Copenhagen.

I love attending these Jyske seminars not just as a speaker but because I get to hear all the other speakers, whom I consider world class.

One speaker who may provide some special emerging market insights is James Ellert, Professor of Finance and  Strategy, International Institute for Management Development, a global business school in Switzerland.  This school offers and MBA program for corporations,firms, institutions, and private and business clients worldwide.  This elite school located on the shores of Lake Geneva in Lausanne, Switzerland offers pioneering solutions that encourages open attitudes and provides relevant, innovative and rigorous research for a unique real world, real learning approach to apply new insights. The school  challenges boundaries for redefining ambitions and realizing performance breakthroughs.  This is one of the world’s top ranked business schools and the ideas from Professor Ellert can help understand emerging opportunities.

Other speakers include will be Bjorn Lomborg known as the “Skeptical Environmentalist.”  See more on Lomborg here.

Another speaker will be Jeff Rubin. Rubin was the Chief Economist for CIBC, a North American investment bank for 20 years. See more about Rubin here.

Kenneth Rogoff  the Thomas D. Cabot Professor of Public Policy and Professor of Economics at Harvard University and former Chief Economist for the International Monetary Fund is also a speaker. See more at Rogoff.

Another speaker is Daniel Brehon, the foreign exchange strategist, for Deutsche Bank AG.  See more about Daniel Brehon and Deutche Bank here.

Another speaker is Peter Berezin, Managing Editor Bank Credit Analyst Research.

The strong US dollar makes this the year to enjoy Europe and Thomas Fischer at Jyske just sent me this note: Gary due to the increasing US dollar, the cost for our August seminar in Copenhagen for Americans has dropped from about $2,050 to $1,700, a 15% discount. (THE COST INCLUDES MOST OF THE FOOD, TRIPS, MAKING THE CONFERENCE A GREAT BARGAIN.)

Some great things about the Copenhagen conference are the seminar of course…then there’s the stunning food and the wonderful visits included…This package includes:  accommodation at the Copenhagen Marriott Hotel for four nights, (25-28 August) including breakfast,  Reception and dinner at the bank’s Copenhagen offices, seminar fee and materials for the seminar sessions on Thursday, Friday and Saturday. full lunches on Thursday, Friday and Saturday, canal & harbour tour on Friday in the late afternoon, four-course gala dinner with entertainment and dancing on Saturday evening, and a Sunday excursion including lunch.

Merri and I always go on the excursion also to Silkebord with a drive out into the country, lovely food, picnic cruise and a chance to see the main office and the trading center.  This is always our most interesting, favorite and delightful conference…and we hope you will join us there!  We love the stroll along the harbor, the fresh air, wonderful meals and interesting people from all over the world.

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

emerging-markets

We also really enjoy the restaurants and coffee shops along Nyhavn.

How We Can Serve You

Wealth in Multi Currency Waves


There is wealth in catching multi currency waves.

See multi currency waves below.   Having captured just four would have made you one of the wealthiest people on earth.

We just completed our International Investment & Business Course in West Jefferson, North Carolina.

Here is what a few of the delegates wrote to me about this seminar.

“Thank you so much for your invitation to your seminar.  I was thoroughly impressed with your choice of speakers and your emphasis on ‘wholistic’ investing.”

“Gary,   Thanks for a great Seminar and a great afternoon tea.  I have met many ‘like minded’ folks this weekend.”

“We are grinning from ear to ear – pleased about the interest in his work and the positive flow of $.  Thanks so much for your southern hospitality as always, and the opportunity to get together again.  You are the best!  Hopefully you are giving the throat a well needed rest, and that the both of you are feeling the love and warmth and balancings we are sending your way.”

“Hello Gary,  I got back to Virginia at 1 AM yesterday and am finally catching up on paperwork today. This is the most fun that I’ve had in ages! I plan to spend this long weekend putting together the format, formulas, reading and figuring out the underlying financial concepts. Look forward to your data input.  Thank-you again for so much meme generosity.”

These courses look at how to invest and do business globally as well as how to prepare mentally and physically to succeed in times of rapid change.

Thomas Fischer speaks at many of our courses and often shares market waves that made some investors really rich.

Gary-scott

Here is Thomas speaking to a group at our North Carolina home.

The seven waves are:

1970s: Gold

multi-currency-waves

1980s: Nikkei 225

multi-currency-waves

1990s: Nasdaq

multi-currency-waves

2000s: Crude oil
multi-currency-waves
I reviewed seven multi currency waves I have followed over the last 42 years.

During the 42 years I have been investing abroad, I have enjoyed seven golden trends.

#1: 1970s Gold & Silver.

#2: Japan , Germany , Switzerland , England, Australia and Hong Kong .

#3: 1980s. The Tigers, Taiwan , Singapore Malaysia and South Korea  & Turkey .

#4: 1990s. South America (which led me to Ecuador).

#5: 2000s. China , India and Eastern Europe .

#6: Good Value Real Estate Throughout.

#7: Bet Against the US Dollar Throughout

The biggest of these seven trends has been the declining US dollar as this chart from the Grandfather Economic Report shows. The dollar drop has accompanied all the other trends.

multi-currency-chart

Now an eighth trend, perhaps the most powerful of them all, Green Investments is warming up.
We can see this in an excerpt from an article in yesterday’s USA Today Money Section entitled  “Tesla Motors stock finds buyers on first trading day”
by Kathleen Galligan which says:

DETROIT — Shares of Tesla Motors climbed in their trading debut Tuesday even though the carmaker that has never made money and has sold just 1,000 cars the entire time it’s been in business.

Tesla’s performance was a feat in a sour market that has forced many companies looking to raise funds through IPOs to accept lower prices to get deals done.
Investors snapped up Tesla’s shares even as the broader markets took a beating. The stock soared $6.89, or 40.5% from its offering price, to close at $23.89 — marking the second-biggest first-day gain among initial public offerings this year.
Tesla’s IPO came on a day when U.S. stocks fell more than 2% — following Asian and European markets lower — on worries that the economy is slowing. Tesla’s shares initially traded as high as $19, but quickly pared that gain. The company’s shares rose 99 cents, or 5.8%, to $17.99 in midday trading.
The company trades on the Nasdaq stock exchange under the ticker “TSLA.”
This looks like a really bad investment to me.  Yet despite the fact that the market (as we recently warned here) is in a negative mode this share is performing well.
Why? Because green is hot.  The deterioration of our environment is a huge problem. Problems create opportunity and investors know it.
At the June North Carolina seminar we looked at seven places to invest now including green investments. They are:
•Multi Currency Interest Spreads
•Value Markets
•Emerging Markets
•Wellness
•Water Alternate Energy
•Truth & Cohesion
•Real Estate

Join me with Thomas Fischer in Copenhagen this August or next Ocotber in North Carolina.

The strong US dollar makes this the year to enjoy Europe and Thomas Fischer at Jyske just sent me this note: Gary due to the increasing US dollar, the fee for our August seminar in Copenhagen for Americans has dropped from about $2,050 to $1,700, a 15% discount.

I love attending these seminars because of the great speakers and this year one speaker will be Bjorn Lomborg known as the “Skeptical Environmentalist.”  See more on Lomberg here.

Another speaker will be Jeff Rubin. Rubin was the Chief Economist for CIBC, a North American investment bank for 20 years. See more about Rubin here.

One of the key note speakers is Kenneth Rogoff  who is the Thomas D. Cabot Professor of Public Policy and Professor of Economics at Harvard University.

Rogoff is the former chief economist of the International Monetary Fund and has predicted “a bunch of sovereign defaults” in the next few years. He gave a warning that Greece is likely to be the first domino of several to fall.

Ezra Klein economic analyst for the Washington Post writes about Rogoff:  In their book “This Time is Different,” Carmen Reinhart and Kenneth Rogoff construct the richest and most detailed history of financial crises that anyone has developed. Their data set covers 66 countries, five continents and eight centuries, and gives them an unparalleled ability to see patterns and predictors amongst different types of crashes. And see them they do. I spoke to Rogoff about the causes, trajectories and solutions to financial crises earlier today.

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

Some great things about the Copenhagen conference are the seminar of course…then there’s the stunning food and the wonderful visits included…This package includes:
accommodation at the Copenhagen Marriott Hotel for four nights, (25-28 August) including breakfast,  Reception and dinner at the bank’s Copenhagen offices, seminar fee and materials for the seminar sessions on Thursday, Friday and Saturday. full lunches on Thursday, Friday and Saturday, canal & harbour tour on Friday in the late afternoon, four-course gala dinner with entertainment and dancing on Saturday evening, and a Sunday excursion including lunch.

Merri and I always go on the excursion also to Silkebord with a drive out into the country, lovely food, picnic cruise and a chance to see the main office and the trading center.  This is always our most interesting, favorite and delightful conference…and we hope you will join us there!  We love the stroll along the harbor, the fresh air, wonderful meals and interesting people from all over the world.

Gary

How We Can Serve You

Tesla Motors stock finds buyers on first trading day

How to Make Money in the Multi Currency Era


The US and Ecuador property market offers a rare opportunity to make money in this multi currency era. Here is an excerpt from a recent multi currency update.

Two economic forces have come together to create extra special profits.

I know because the same  combination occurred in London during the late 1970s and allowed me to increase an investment eleven times in two years by buying property then.

Earlier in 1970 I had lived in London, England for a year, then moved to Hong Kong. During that time I also maintained a home outside of San Francisco, California.

This was a time of great inflation. My homes in California and in Hong Kong appreciated greatly. In the mid 1970s, when I moved from Hong Kong back to London, I noticed that London real estate was priced about the same as it had been in 1970. This puzzled me. Why had London property prices remained flat despite inflation?

On investigation, I learned that there had been a huge real estate crash in 1970 which continued to dampen real estate prices six years later despite the rampant global inflation. I felt this was a great distortion as European property prices had risen, but London prices had not. Yet London offered the best utility as the center of the English speaking world. This, to my way of thinking, created a huge distortion.

It’s late 1976. Britain faced  a sterling crisis. In less than two years the pound has fallen from $2.40 to $1.60. Investors had no faith in the British economy, or the government that ran it. The government’s budget was a mess.  Investors  were ditching the pound.

The plummeting pound pushed the economy to breaking point. Prime Minister Callaghan, in desperation borrowed as much as possible, £2.3 billion from the IMF.

At that time, the British pound collapsed to its lowest level ever (a pound per dollar for a short time) so the distortion widened. This meant in US dollar terms London property had dropped almost 50% while property in other major cities of the western world had increased in price by three or four times.

london-house

The house I bought was right next door and very similar to this house in Bedford Park, London W4.

This house in West London was 34,000 pounds, 9,000 pounds down (then $9,000).   I took a mortgage for 25,000 pounds ($25,000).  I lived in the house and three years later the pound had recovered to 2.2 dollars per pound plus London real estate had caught up with property in other major western centers. I sold the house for 115,000 pounds or $253,000 a profit of $244,000 on a $9,000 investment.

Now it’s the US dollar that is very low.

You will have seen articles something like the the September 7, 2009 Bloomberg article “Weak Dollar? Currency, at 10-Year Low, May Fall More” by Bo Nielsen.

An excerpt says: Anyone who says the dollar is weak after it fetched a record-low $1.3681 against the euro and the fewest pence against the pound in 25 years is expressing a euphemism.

The currency may decline at least another 10 percent by the end of 2008, say Jay Bryson, an economist at Wachovia Corp., and Kenneth Rogoff, the former chief economist at the International Monetary Fund. The dollar has only fallen 3.4 percent in the past two years to a 10-year low, according to a Federal Reserve index that weighs trade with 38 countries including China, Mexico, Canada and countries in Europe. It tumbled 30 percent in the three years ended 1988.

“Dollar weakness will be broad-based and could last for years,” said Bryson, a global economist at Charlotte, North Carolina-based Wachovia who previously analyzed currencies at the Federal Reserve.

Investors are dumping dollars, lured by higher returns elsewhere. The U.S. will grow more slowly than Europe for the first time since 2001 and Japan for the first time in 16 years, the IMF forecasts. The difference in yield between 10-year German bonds and Treasuries has shrunk to the smallest since 2004.

Those who read this site regularly or subscribe to our multi currency course know that I reported my personal portfolio and recommended getting out of the US dollar in February 2009. See that recommendation here.

I showed that my portfolio was 86% out of the greenback.

My liquid portfolio currency allocation was reported as Brazilian real  4%,
 Denmark kroner  33%
,  euro 31%
, British pound 10%
, Turkey lira 8%
, US$ 14%.

I also mentioned in February that I was going to start buying Florida real estate.

So Merri and I began looking and in our research found that there appears to be a hole in the market for Central Florida property selling in the million to $750,000 range.  There seems to be no buyers at all. We have been watching prices tumble hundreds of thousands.

We are viewing one property next week that started at $800K+. It just dropped $100,000 last week from $395,000 and is now down to $295,000.

This is about a 25% drop in that house’s price in six months. That’s pretty good!

Now look at what this means in depreciated dollar terms.

dollar-chart

Here is a chart of the euro to US dollar from yahoo.finance.com from February 2009 to September 10, 2009 when this was written.

In February a US dollar bought .80 euro so that house at $395,ooo cost 319,200 euro.  Now a US dollar buys about .68 euro so this house at $295,000 costs about 200,000 euro.

That is a drop in that house price of 37% in six months in terms of euro. That’s even better!

Here is the magic in this hidden, built-in profit.  For most of the market, the profit is hidden.  Most investors are not comparing currencies and real estate prices.  Yet these distortions will filter through. Eventually European investors…. or those like me who are holding currencies other than dollars will see this distortion and cash in.

I, and now you, just have an advantage because we are always looking at both markets… currency and real estate.

Ecuador Real Estate Cheaper as Well

This also creates better value on Ecuador real estate. Take for example one penthouse property I am selling at $139,000.

This is a perfect property for those who want peace… quiet…and instant access to miles of empty, warm Pacific beach.

ecuador beach rentals

This two room, top floor penthouse is at Palmazul and includes use of the the swimming pool, tennis courts… and spa.   You can dine here, one floor below.

ecuador beach rentals

The units are fully equipped… kitchen…

Ecuador beach rentals

with full size fridge.

Living room…

Ecuador beach rentals with a view…

Ecuador beach rentals leading…

Ecuador beach rentals to large private balconies…

Ecuador beach rentals with these views…

ecuador beach rentals

and sunsets to kill for.

ecuador beach rentals

Long walks on the beach… you can amble at low tide for ten miles and not see a soul.

ecuador-seminars

Luxury bathrooms with bathtub…

Ecuador beach rentals

and a king size bed with view and caressed by the ocean breeze.

Ecuador beach rentals

This unit would have cost 111,000 euro in February. Now the price has dropped to 94,500 euro… just from the dollar’s fall.

The US and Ecuador property markets offers a rare opportunity to make extra profit now because of hidden added value from the US dollar’s fall. History suggests that real estate is a real asset so its price rises as the currency its counted in falls.

These corrections take time because most property owners do not calculate their property in multi currency terms.  Those of us who watch this can gain extra profit now.

The article above is an excerpt from a recent Multi Currency update. Learn more about multi currency investing. Subscribe to our multi currency course.

Gary

The greatest asset of all is the ability to earn globally in many currencies.

This is why we are providing a special three for one offer with our  course Tangled Web… How to Have an Internet Business. This can help you create your own internet business.

Our emailed course “Tangled Webs We Weave – How to Have Your Own Web Based Business” is a continuing educational program.  You receive the first 28 lessons when you enroll and a new lesson every week or two.

This course teaches how to create a web based business and is developed from the ongoing experiences that we have from our successful and profitable internet business.

This course is well worth the enrollment fee of $299… but currently you also receive two additional courses FREE.

The other two courses are #1: International Business Made EZ, and #2: Self Fulfilled – How to be a Self Publisher.

These two courses have sold for $398 and thousands have paid this price. We add them to your course at no added cost as I believe they will help you develop a better business in these crucial times.

Even Better Get All three Courses Free

To make this offer even more compelling,  I am giving everyone who enrolls in our North Carolina or Ecuador International Business & Investing seminar in October or November all three courses, “Tangled Web… How to Have an Internet Business Course,”  “Self Fulfilled- How to be a Self Publisher” and “International Business Made EZ” free.

Join us with Jyske Bank and my webmaster David Cross in West Jefferson North Carolina. Learn more about global investing, how to have an international business at the seminar.

Oct. 9-11 IBEZ North Carolina with our webmaster  David Cross & Thomas Fischer of JGAM

Or head south to Ecuador!

October 16-18 Ecuador Southern coastal tour

Oct. 21-24 Ecuador Import Export Tour

Oct. 25-26 Imbabura Real Estate Tour

Join us with Peter Laub of Jyske Global Asset Management in Ecuador. Learn more about global investing, how to have an international business at the seminar.

Nov. 6-8 IBEZ Ecuador Seminar

Nov. 9-10 Imbabura Real Estate Tour

Nov. 11-14 Ecuador Coastal Real Estate Tour

Join us in the mountains and at the sea. Attend more than one seminar and tour and save even more plus get the three emailed courses free.

Attend any two Ecuador seminar or tours in a calendar month…$949 for one.  $1,349 for two.

Attend any three Ecuador courses or tours in a calendar month…$1,199 for one.  $1,799

Read the entire articles:

Weak Dollar? Currency, at 10-Year Low, May Fall More

Dollar Is Near Lowest in Almost Year as Borrowing Costs Plunge