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mark Wow you're 81 and you still have appetite for this why do you keep going it's really exciting because it's in some ways a continuation of what we've been doing in the sense of being more active and more engaged with these companies but now with the industry changing with all this money going into ETF's passive there is a real role for active management where we go into companies and we try to achieve change and it's not just ESG but it's also governance more importantly you know trying to get companies to respond to what's happening in the environment in the social area but more importantly respond to shareholders I think six years ago I spent two weeks with you in South Korea looking at steel mills and I think that that was quite an experience for me I knew it how have the emerging markets changed since then now it's all about artificial intelligence and chip making yes I mean you talk about Apple and their success but it's not only Apple but it's cell phone manufacturers around the world 1 billion smartphones are being sold 70% of that is in emerging countries so the impact has been incredible but it's interesting you mentioned in Korea because look at the changes that is taking place on the corporate governance front in Korea we never would imagine that Samsung would respond to efforts by shareholders to it create some change Margaret II gratifying good morning and congratulations on your new effort from what I hear this is not a Templeton Redux no one can redux Sir John's work it sounds to me like it's going to be much more nimble and much more distressed or let's go oriented how many holdings do you expect to hold at any given time by the way what you just gave his description of what we're doing is perfect that's exactly what we're thinking and we're probably going to be holding 20 to 30 stocks because the it's variable to be concentrated and to be involved with the companies directly are they mid camp or are you going to go after large caps and tell them what to do it will probably be more mid cap even small cap you know nowadays small cap can be a billion dollars right but there'll be some large-cap as well the main thing is that we want to get into companies that have the potential to change right and to improve their governance now yes mark Mobius the global wall street Bloomberg terminal question of the day mark I don't know if you're aware but the venerable Alliance Bernstein group is announcing they're gonna move from New York to Nashville can you keep brain power in other cities or do they need to be in the romantic cities of mark Mobius do they need to be in London do they need to be in New York do they need to be in Dennis Cartman's Virginia Beach is a major investment capital mark where what what what is the what are the ramifications intellectually of moving from New York to Nashville this is a very very interesting question because now with the internet with the means of communication we could be anywhere we decided to start in London because London is such a big center and so international and also is very relevant to emerging countries because the Empire history with the United Kingdom and so forth but we are registering our first fund in Luxembourg because it's such a great place to get exposure to all of Europe which will be really the beginning of our fund investors but we could be anywhere in fact I'd love to be back in Nassau on the beach like John temple then used to be talked to me a little bit about oh well if you look at emerging markets if you'll get the frontier markets and your mark really the person who coined investment in frontier markets are they very vulnerable to the price of oil some of them are very vulnerable to the price of oil particularly if oil goes up dramatically and suddenly that would be a real problem for oil importers China would be affected the India would be affected many of these emerging markets would be hit and of course that some like maybe Saudi Arabia which would be helped with a higher price and would you invest in Iran or because it's unknown the US has until May the 12th to decide what they do with this accord it's just not the right time does it feel too risky we would love to invest in Iran because they do have an actor capital market but because of the sanctions you just can't do that but I think that there's going to be a breakthrough and it'll be an opportunity it'd be very interesting mark Mobius with us in London Alan Ruskin of Deutsche Bank with us in New York with Dennis Cartman of the garbin letter as well Dennis foreign investment before mark Mobius in vetted it was you own telephonist Mexico in a concrete company in Asia and then you were an international investigative change do you buy international Express through US multinationals or do you buy individual foreign stocks or foreign I'm gonna leave the individual foreign stocks to men as geniuses mr.
Mobius when I do something in my own account I'm gonna use ETF stitute to affect that trade it's far more rational for me to do that to make a big perspective on Germany to take a big perspective on Malaysia to take a big perspective on on Asia I'd rather use ETF so I will leave individual stocks to mr.
movi you buy a German multinational is an international proxy already gotta go more granular I'm gonna go more expansive than that I'm gonna go to a European ETF instead it's it's just my methodology of trading and makes more sense for me to do that okay mark would you I mean this goes back to kind of what you're saying about ETS you convince people to give you their money is it kind of you know straight knowledge or the market has felt pretty binary in the last couple of years when when does it change that's true I mean ETFs have dominated the market for the last almost 10 years I mean the amount of money going into ETFs is far in excess of active managers but we've reached a point particularly among the the institutional investors where they have their fill of ETFs and they realize there is a need for more active managers to come in to add spice and active corporate governance scenes to the market so we are seeing a lot of interest particularly when we talk about more active corporate governance orientation
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