What is your favorite International ETF or Mutual Fund?

PANDA_IHB

PANDA_IHB

New member
I know that the international equities have been taking a beating lately, but the valuations are starting to look more and more attractive these days, especially Asia. Just like Irvine Real Estate, you've got quality products at discounted prices.



The Asian economies have all the ingredients of fertile investment soil: high growth rates, low taxes, a pro-business regulatory environment, a high savings rate, and educated populance, and a huge appetitite for consumption that will soon surpass the U.S. I believe that Asia will talk off in the years ahead, leaving the U.S. stock market in the dust.



Here are some of my favorite mutual funds:

Matthews Asian Tiger - used to be closed to new investors, but recently reopened.

T.Rowe Price New Asia

Matthews China

Matthews India

Janus Overseas

Dodge and Cox International Stock



Here are some of my favorite international ETFs

IFN - India Fund

FXI - China ETF

EEM - Emerging Markets

GRR - Asian Tigers



In North America, I like Canada (ETF symbol: EWC), which, suprisingly, now has one of the best positioned economies in the world. Canada happens to be part of the natural resource block, which includes Australia and New Zealand and, to a lesser extent, South Africa and the Scandinavian countries, like Norway. Canadian Oil Stocks, in my opinion are also a great play as they consistently pay high dividends.



These are my favorite Asian equities i like to invest in order:



1. Hong Kong

2. Singapore

3. Japan

4. S. Korea

5. Taiwan

6. China

7. India



Asians equities have been seriously beaten down, which is why you want to buy them while they are cheap. Panda loves 40% off sales.



So when is the 40% off SALE EVENT happening at Villa Rosa in Woodbury????



Panda
 
[quote author="PANDA" date=1219402499]



Panda loves 40% off sales.



So when is the 40% off SALE EVENT happening at Villa Rosa in Woodbury????



Panda</blockquote>


This Labor Day <em>(sale)</em>.....
 
[quote author="PANDA" date=1219402499]Asians equities have been seriously beaten down, which is why you want to buy them while they are cheap. Panda loves 40% off sales.



So when is the 40% off SALE EVENT happening at Villa Rosa in Woodbury????



Panda</blockquote>


OMG! Please, please tell me you didn't invest in those ETFs when you talking about investing in overseas 6 months ago.



Panda, Panda, Panda... I know you think I am just a crazy ranting nutter here, but I really hope that some, maybe just little tiny bit about what I have posted about investing/trading has sunk in with you. Yeah... I know, I owe you a PM, but since you made this public, then I need to address it publicly. I told you, not to bet against the US and the dollar lately, and I warned you with the cliff diving chart from CR on the Hang Seng, so now lets look at how you or anyone would have done if you went domestic 6 months ago...



FXI vs. S&P;500...



http://img108.mytextgraphics.com/photolava/2008/08/22/pandafxi-4blt4dpzv.jpeg



EEM vs. S&P;500...



http://img802.mytextgraphics.com/photolava/2008/08/22/pandafxi-4blt54wdk.jpeg



IFN vs. S&P;500...



http://img108.mytextgraphics.com/photolava/2008/08/22/pandaifn-fk6il037.jpeg



GRR vs. S&p;500...



http://img901.mytextgraphics.com/photolava/2008/08/22/pandagrr-4blt6ohhd.jpeg



My gawd, I feel sorry for you if you invested in overseas in the last 6 months. That is like buying a house in Irvine in 2006, it's called catching a falling knife for a reason. These ETFs and countries are not done dropping, and the knives are getting sharper. While I think it is great you believe in the Asian markets, I am appalled you do not comprehend how much their economies are dependent upon US. The overseas markets Asian or European markets are just now feeling the brunt of our downside. Real investors/traders know that being contrarian is the way to go. The heard is still following overseas investments, and just like the housing market or domestic financials, there will be many, many bottom callers, and many, many will be wrong.



<a href="http://calculatedrisk.blogspot.com/2008/08/shanghai-gold-medal-in-cliff-diving.html">I repeat myself, cliff diving</a>...



http://3.bp.blogspot.com/_pMscxxELHEg/SKomZ32zMaI/AAAAAAAACcQ/6mhFh0ogRAU/s1600/ShanghaiAug18.jpg
 
And before I really go CrackerCakes on this thread, and I have asked this before and I have yet to get a response, I want to know these things...



1. What kind of money are you playing with here? Is this trading money? Retirement money? Savings for the home in Irvine?



2. What is your risk level wit said money on a scale of 1-10? 10 being the highest amount of risk.



3. What is your time horizon? 6 months, 16 months, or 6 years?



4. Are you trying to hedge against the US, or are you really betting against it?



5. Have you invested in foreign funds/ETFs before? And, how has that done for you. Suck it up, tell us your losses and/or gains.



6. Where did you get your ideas to invest overseas? There are a lot of nutters out there, that are nuttier than me.



7. Do you know how to short or buy puts? Write calls, or write puts?



8. What is it that you feel the US is so much weaker then overseas? Please compare with facts as to why the overseas will in fact do better than the US.



9. Again, are you trading or investing. If you are trading, then you might as well give me the money to go buy a home in Irvine, because it will be gone either way.



I hope you get my point, and don't take it personally, because everyone needs to think about these reasons to invest or not to invest.
 
[quote author="graphrix" date=1219420605]And before I really go CrackerCakes on this thread, and I have asked this before and I have yet to get a response, I want to know these things...



1. What kind of money are you playing with here? Is this trading money? Retirement money? Savings for the home in Irvine?



2. What is your risk level wit said money on a scale of 1-10? 10 being the highest amount of risk.



3. What is your time horizon? 6 months, 16 months, or 6 years?



4. Are you trying to hedge against the US, or are you really betting against it?



5. Have you invested in foreign funds/ETFs before? And, how has that done for you. Suck it up, tell us your losses and/or gains.



6. Where did you get your ideas to invest overseas? There are a lot of nutters out there, that are nuttier than me.



7. Do you know how to short or buy puts? Write calls, or write puts?



8. What is it that you feel the US is so much weaker then overseas? Please compare with facts as to why the overseas will in fact do better than the US.



9. Again, are you trading or investing. If you are trading, then you might as well give me the money to go buy a home in Irvine, because it will be gone either way.



I hope you get my point, and don't take it personally, because everyone needs to think about these reasons to invest or not to invest.</blockquote>


Geez, CrakerCakes those are a lot of questions. How come Panda is only allowed to ask two questions a week on the IHB and you are allowed to ask 9 questions on one post? That's NOT Fair!



1. No. Yes. Are you Crazy?

2. 2 - Irvine Down Payment Fund : 3 - outside non-retirement money : 9-10 for my IRA money

3. 10 years, but i do sell in times of over valuations and try to buy again when the quality equities are undervalued.

4. Short term, I am betting against the U.S., Long Term, I believe that the U.S. will fix its credit problems, and become a responsible, producing nation once again. Long Term, I believe that the U.S. will be just fine, but Asia will grow much more than the U.S. as they are starting from a much lower base.

5. Yes, since 2002. I sold out of all of ETF and International Funds in early 2007 as i sensed a bubble especially in Hong Kong and Chinese stocks. Waiting on the sideline to buy these same equities again at signifcantly discounted prices.

6. Personal research, my gut, and looking at macro/micro/economic trends. The purchasing power shifting from the West to the East

7. Learned about them in my finance classes, but never executed them in real life. I don't short, I don't do options, I don't call/pull, I don't day trade.

8. U.S. has a lot of debt, while Asia has a lot of savings. Asians have been subsidizing our enormous debt and our standard of living for many years. Lot of foreign countries are being hurt right now as the U.S. borrowed so much money from them and have no way of paying it back. Most of that money is in our bonds, however the asians want the same luxuries that we have like cars, clothes, electronics, and natural resources. When the dollar continues to fall, which I believe it will, I believe that the foreign countries will eventually dump our dollar. Currently, I see valuations overseas to be more attractive than the U.S, which is why i prefer to invest in international equities than the U.S.

9. I am a long term investor, however i do ocassionally sell when i feel that a bubble is forming in a sector and buy when good quality equities become very cheap.



Panda
 
Mine is the the "USPF"



ULTRA SHORT PANDA FUND....It takes the short position of whatever Panda likes.



Looking at your list, typical bubble chaser hahaha
 
I am with Panda's picks long term. The dollar is going to continue to recover, but not against the Asian currencies which continue to be starkly undervalued. The Euro, supported by a blind ECB is driving old man Europe straight to the grave yard, and Japan looks ready for another "lost decade".



Asian economies are increasingly less reliant on the U.S. as a driver of GDP growth. Sure we are important, but as the U.S. share of global GDP, and share of GDP growth has been decreasing over the past several years (I'll see if I can dig up the charts). If the U.S. isn't driving demand, then the Asian economies (and their nearly $3 Trillion in reserves), have a ever Decreasing incentive to maintain currency pegs. A their currencies appreciate that provides their domestic economies with increased demand (due to increased purchasing power).



All the equity markets have been hit, and when the Hang Seng is trading a 40x, it is probably to sell. That said 10%+ GDP prints abroad, compared to 0-2% domestically tells me where my money should be.
 
Also, I would like to add that these are the Asian currencies i like to hold over the EURO and USD long term. My preference for the Asian currencies are in the following order.



1. Chinese Yuan Renminbi CNY

2. Singapore Dollar SGD

3. Japanese Yen JPY

4. Taiwan New Dollar TWD

5. Hong Kong Dollar HKD

6. Korean Won KRW

7. Indian Rupee INR

8. Malaysian Ringgit MYR

9. Indonesian Rupiah IDR

10. Thailand Baht THB

11. Philippines Peso PHP



Panda
 
[quote author="CapitalismWorks" date=1219442086]I am with Panda's picks long term. The dollar is going to continue to recover, but not against the Asian currencies which continue to be starkly undervalued. The Euro, supported by a blind ECB is driving old man Europe straight to the grave yard, and Japan looks ready for another "lost decade".



Asian economies are increasingly less reliant on the U.S. as a driver of GDP growth. Sure we are important, but as the U.S. share of global GDP, and share of GDP growth has been decreasing over the past several years (I'll see if I can dig up the charts). If the U.S. isn't driving demand, then the Asian economies (and their nearly $3 Trillion in reserves), have a ever Decreasing incentive to maintain currency pegs. A their currencies appreciate that provides their domestic economies with increased demand (due to increased purchasing power).



All the equity markets have been hit, and when the Hang Seng is trading a 40x, it is probably to sell. That said 10%+ GDP prints abroad, compared to 0-2% domestically tells me where my money should be.</blockquote>


Word Up! CapitalWorks,



I have also heard that the Euro is the most likely candidate to replace the Dollar as the world currency. How likely is it that this play out.

Panda
 
Panda, I see no problem with your particular choise of ETFs per se... but I'm a bit weary about the language you use with regard to your investments... Here is what I hear behind th elines when I read your post:



- "Stocks always go UP in the long term!"

- "Buy on the DIPS 'cuz stocks are on a FIRE SALE!"

- "I'm a LONG-TERM buyer, so I don't care if it goes down a little for now!"

- "More RISK = more REWARD!"



Ever seen that somewhere? I've seen those types of comments in a little bubble that's the topic of these boards... and people are even today using those same arguments when buying real estate. Be careful out there.



I think graphrix forgot to ask one important question:



10. What is the MAXIMUM percentage loss you ever suffered on your entire portfolio, and how did you react when that loss happened? The answer to question 2 is kinda moot without answering that one.



I'm not gonna play the preacher, because I don't think I have any more investment experience than you do. I used pretty much the exact same strategies you used a few years back: heavy tilt to emerging market, doubled my money on FXI, all that crap, had everything setup with proper ratios according to each asset class I wanted. Boy those days were innocent and simple for me. And it worked, fo r atim there I was doing 18% anually on my portfolio for a few years. It looks to me like you used the same strategies, made a call in getting out of some sectors, and are now ready to resume what's worked these past few years.



The market's different now, and I'm not convinced that this it's going to be all smooth sailing back to the old "more risk = more reward" gravy train that was working so well a few years back. I'm now spending 30+ hours a week reading investment pieces vs. maybe 1-2 during the bull market. And I've still managed to lose some money so far :).



Either way, I think you'll be fine, but your investment strategy needs to a bit more nuanced. The grass always looks greener elsewhere - but keep in mind the housing bubble is a global phenomenon. Canada had one, China had one, plenty of places in Asia had one, Spain had a big one, UK, etc. Banks are weak everywhere, and it's hard to grow an economy without sound confidence in the banks.



I'm not sure why you want to buy currencies so much though. Currencies are slow-as-molasses investments (normally) and since your income is in USD$ you're just running in place anyway. Currencies are also prone to all sorts of nasty governmnent interventions that make them hard to predict.
 
Oh, and to answer your question about which funds i "like"... I don't like any of them. These days I'm short anything that moves :p. Well, not quite, but you get the idea.
 
[quote author="muzie" date=1219458605]

I'm not sure why you want to buy currencies so much though. Currencies are slow-as-molasses investments (normally) and since your income is in USD$ you're just running in place anyway. Currencies are also prone to all sorts of nasty governmnent interventions that make them hard to predict.</blockquote>


Muzie, if and when the U.S. Dollar collapses, the currency that will appreciate the most is Asian Currency, especially "Chinese". I invest in Asian currencies, not to make money, but more for wealth perservation and insurance purposes.



Graph, I have one question for you. You mentioned to me several times not to bet against the dollar. Can you please explain your logic and fundamentals on why you think that the dollar has now bottomed and will now start to appreciate against other foreign currencies?



Panda
 
[quote author="PANDA" date=1219471943][quote author="muzie" date=1219458605]

I'm not sure why you want to buy currencies so much though. Currencies are slow-as-molasses investments (normally) and since your income is in USD$ you're just running in place anyway. Currencies are also prone to all sorts of nasty governmnent interventions that make them hard to predict.</blockquote>


Muzie, if and when the U.S. Dollar collapses, the currency that will appreciate the most is Asian Currency, especially "Chinese". I invest in Asian currencies, not to make money, but more for wealth perservation and insurance purposes.



Graph, I have one question for you. You mentioned to me several times not to bet against the dollar. Can you please explain your logic and fundamentals on why you think that the dollar has now bottomed and will now start to appreciate against other foreign currencies?



Panda</blockquote>


First, I need to address that you contradict yourself in so many ways. It is why your strategy is so confusing to me.



1. You say this is your down payment fund, IRA money, and non-retirement money, which should be placed into low risk investments, but everything you are investing in is extremely high risk. On a scale of 1-5 investing in Asian currencies is a 10.



2. You say you don't do shorting, or options. So then why the hell are you betting against the US and the dollar? You are short the US and you are short the dollar. It isn't literally short, but in a way it is. Why don't you invest in the short or ultra short US ETFs if you are so confident that the US will underperform Asian markets?



3. Your purchasing power shifting towards the East vs. West makes it so they buy more of our crap, increasing our GDP (thanks China for keeping our GDP from being insanely negative), and we support their economies less because it costs more. Plus they buy commodities from us which have been rising way faster then the dollar has been dropping. And, now that the dollar is rising the scenario is vis versa. But, our economy isn't doing well, so it will effect their economy and their GDP, combined with awful inflation Asian countries have, it makes for a wonderfully horrific slowdown.



Now, why I wouldn't bet against the dollar. Well... as history has shown us time and time again, the ones that do get burned and burned hard. Ask the Japanese about how the rising dollar against the Yen crushed their economy for several years with awful stagflation. Couple that with Europe's economy headed into the same toilet as ours, and theirs will be worse because they always seem to screw it up more than us, then the Asian economies will suffer even more. The arrogance I see coming from China and their fake inflation numbers, is the same arrogance I remember of the Japanese.



And... at the end of the day Buffett said he was long the dollar. The last time I checked he was at the top of fortune 500's list of richest people. I would rather follow him rather than try to catch the falling knife you are probably going to catch. I will bookmark this thread, so I can come back to it six months from now and post more charts to see how well you did, er didn't.



The dollar will never collapse, but if the Renminbi is pegged to the dollar like it is, then it would collapse too and so would all the paper money of ours they hold.
 
[quote author="graphrix" date=1219493932][quote author="PANDA" date=1219471943][quote author="muzie" date=1219458605]

I'm not sure why you want to buy currencies so much though. Currencies are slow-as-molasses investments (normally) and since your income is in USD$ you're just running in place anyway. Currencies are also prone to all sorts of nasty governmnent interventions that make them hard to predict.</blockquote>


Muzie, if and when the U.S. Dollar collapses, the currency that will appreciate the most is Asian Currency, especially "Chinese". I invest in Asian currencies, not to make money, but more for wealth perservation and insurance purposes.



Graph, I have one question for you. You mentioned to me several times not to bet against the dollar. Can you please explain your logic and fundamentals on why you think that the dollar has now bottomed and will now start to appreciate against other foreign currencies?



Panda</blockquote>


First, I need to address that you contradict yourself in so many ways. It is why your strategy is so confusing to me.



1. You say this is your down payment fund, IRA money, and non-retirement money, which should be placed into low risk investments, but everything you are investing in is extremely high risk. On a scale of 1-5 investing in Asian currencies is a 10.



2. You say you don't do shorting, or options. So then why the hell are you betting against the US and the dollar? You are short the US and you are short the dollar. It isn't literally short, but in a way it is. Why don't you invest in the short or ultra short US ETFs if you are so confident that the US will underperform Asian markets?



3. Your purchasing power shifting towards the East vs. West makes it so they buy more of our crap, increasing our GDP (thanks China for keeping our GDP from being insanely negative), and we support their economies less because it costs more. Plus they buy commodities from us which have been rising way faster then the dollar has been dropping. And, now that the dollar is rising the scenario is vis versa. But, our economy isn't doing well, so it will effect their economy and their GDP, combined with awful inflation Asian countries have, it makes for a wonderfully horrific slowdown.



Now, why I wouldn't bet against the dollar. Well... as history has shown us time and time again, the ones that do get burned and burned hard. Ask the Japanese about how the rising dollar against the Yen crushed their economy for several years with awful stagflation. Couple that with Europe's economy headed into the same toilet as ours, and theirs will be worse because they always seem to screw it up more than us, then the Asian economies will suffer even more. The arrogance I see coming from China and their fake inflation numbers, is the same arrogance I remember of the Japanese.



And... at the end of the day Buffett said he was long the dollar. The last time I checked he was at the top of fortune 500's list of richest people. I would rather follow him rather than try to catch the falling knife you are probably going to catch. I will bookmark this thread, so I can come back to it six months from now and post more charts to see how well you did, er didn't.



The dollar will never collapse, but if the Renminbi is pegged to the dollar like it is, then it would collapse too and so would all the paper money of ours they hold.</blockquote>


Graph, let's let time tell to see who is the True Nutter because Panda wants to take away your Nutter Award. Look, I am not a fortune teller, but going back to fundamentals, I do strongly believe what Awgee preaches will come to pass in the longterm. Will the dollar appreciate in the next 6 months?, perhaps it will, but in the long term i do believe that the fundamentals is showing me that the dollar is headed for its long term decline. Graph, though I hold with conviction that the oil will be higher, precious metals will be higher, and the dollar will get weaker in the coming years, and it is possible that my predictions can be off based, which is the reason why I don't have all my eggs in one basket. I am a proud American, and sincerely love my country, and believe it or not, i hope what i am saying does not come to pass.



Regarding your comment about Warren Buffet, I did see the interview with CNBC's Beck Quick yesterday, and I believe what Warren Buffet claimed was that he remains neutral regards where the dollar was headed. In the past, most authorities and legendary investors like Warren Buffet and Pimco's Bill Gross, even the big houses like Goldman Sachs and Morgan Stanley are in the opinion that over the next 10 years the dollar is going to depreciate against other currencies, by what degree, they are not sure. But it is widely believed that, despite occasional hiccups, the dollar will continue its 40-year decline. With our lack of savings and our current account deficits, and FEDs printing more money, it has to.



Graph, I have no idea how old you are, but i get the impression that you and I are around the same age. We were not in our teens or adults in mid to late 1970s, so we have not lived or experienced what a true recession looks like in the United States. The U.S. economy is like a big titanic ship that will not sink all at once, but slowly it is sinking with only the captain knowing that there is water leaking in. I do believe that there are a few handful of guys in our goverment who truly knows what the true serious state of our economy is, and these guys are the ones who do not talk on CNBC.



Graph, let's just watch and see how everything plays out. Perhaps Panda is the "True Nutter.



Panda
 
I think Graph has to turn his Nutter Award over to Panda.

My money is on Graph.

Even though the US Economy isn't at its best right now, I think you are taking it to the extreme.

I lived through the 70's - I don't believe it was as bad as you have it in your head.

A 40-year decline - I don't think so.
 
I am not so sure Graph and Panda are speaking of the same phenomena when they speak of a dollar collapse? What do you mean by collapse? As measured against other currencies? Or commodities? Or housing? Oil? Precious metals? Just the Euro? Or the whole basket?






/




Consider, the dollar may appreciate against the Euro and still buy you less gallons of gas.






/




Graph - I would be curious to know what you think causes the dollar to move up or down in relation to other currencies, both long term and short. And against stuff, both long term and short. I think you are only looking at recent history of the dollar. The USA in it's history has already had two fiat currencies which have failed and become worthless. I think it may be useful to consider what gives a currency it's value. What makes a currency worth less? What caused the dollar in the last two years to go from 1.30 to 0.71?




/






Admittedly, I was both surprised and disappointed when Buffett said he would not bet against the dollar right now. And he will be the first to tell you that he is not infallible and he has made many wrong calls. Brk.A is down 23% from it's high 9 months ago. Gold is down 19% from it's high about six months ago, so gold is outperforming Berkshire Hathaway recently. A few years ago, Buffett bought a few million ounces of silver and sold them a year later for a very small profit just months before the price took off and doubled in one year.






/




And to answer the original question: I do not care for any ETF or mutual fund currently. When I want to be long the general market, I buy a combination of the SPX and Brk.B.
 
Graph, risk is relative to each individual. To the Chinese or Korean, having all their money in the Won or Renminbi currency may feel much safer to them than having all of their curriency in the U.S. dollar. To the European, the Euro will seem safer than holding the dollar. To another individual, gold and other precious metals may seems to be a safer than to be holding dollars. What you may think as a 10 risk level, may only seem like a 1-3 risk level for Panda.



Graph, I am also very curious to know what you think causes the dollar to move up or down in relation to other currencies, both long term and short. And against commodities, both long term and short.



Let me also give you some of my own stats about history. In 1972, after we broke from the gold standard and floated the dollar, you could buy 4.25 deutsche marks for a dollar, the Swiss franc was worth about 25 cents, and 360 yen for one dollar. By 1980, the dollar had lost two-thirds of its value. The deutsche mark was at 1.5 instead of 4.25, the Swiss franc had tripled, and the yen was at 150 or 160. Also if the smart Americans in the 1970s had the foresight to have invested in portfolios of conservative foreign stocks in the early 1970s, they would of tripled their money by 1980, not counting any appreciation in local currency or dividends earned. Had you invested in U.S. stocks in the same time period, the DOW pretty much went sideways during this 10 year time period.



The smart thing to do back then was to sell out of all of your appreciated foreign equities and bought back at dirt cheap prices of the DOW at 842, but most Americans were not able to take advantage of this bargain opportunity as they were wiped out betting on the dollar in the 1970s.



The Japanese Yen came very very close from crashing. The Yen did not collapse in part because it did not reply on the external fund flows to support; the U.S. dollar is entirely dependent on a stready flow of foreign investment, which about $2 billion per day. Unfortunately, we lack the deep savings that Japanese consumers had when recession hit that nation, which has long enjoyed a huge current account surplus. We may not be as lucky as the Japanese, as their reserves and savings is what saved them.



Panda
 
Awgee,

Yep I've been a Brk.B fan for a while now. Admitted I don't purchase very many shares, just a few a year, but they have been a very steady performer for me since 2000.



Nice thread.

-bix
 
Panda, I'm still confused by your investment strategy.



If you're that certain that China will become the economic giant that it's slated to become, along with other asian countries, why not buy FXI, EWT, EWS or whichever ETF that holds stocks in the countries you believe instead of wasting time with currencies.



By buying other currencies you're effectively thinking the dollar will go down. If you had timed the peak perfectly in the dollar back in 2002 and shorted USD/bought all other currencies all the way to now, you would have made 35% in 6 years. Thats a jolly 5% compounded anually, no better than a CD, so big deal. Why all this fussing around with currencies?



Even if the scenario you're talking about comes to pass exactly as you say it would, you still wouldn't make a dime on it by buying currencies. It's just not the right vehicle to express your ideas.





I think your concept of "risk" is odd. Risk is not just something that "feels" right to you - there's no such thing as an investment that's "risky for you, but not for me", unless you know something that we don't. Risk is something that is to be measured based on known events and volatility. Investing in a stock like, say, Freddie Mac when it swings around 20% up or down every day is risky no matter if you're American, Korean, or martian. Risk is a measure of how much you don't know about your investment, and odds of adverse effects on your investment. Maybe you "know" something about the Chinese currency that we don't, but frankly that seems unlikely.





I'll let you guys fight over who is the "true nutter". I'd rather focus on making (and keeping) money instead :p. I don't think graphrix meant it as a badge of honor either...
 
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