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where are you putting money right now right now we're looking at all these markets because some of them are really down substantially so we're seeing incredible opportunities and bargains focus of course is on India to begin with because there are lots of things happening there and of course we must remember this oil price decline is very very good for India it's good for China it's good for all these oil importing countries so things are looking good in some of those areas but of course you know now's the time to be buying like porcupines let make love timing is the real question we just heard Jim O'Neill talking about the fact that it appears that Asian countries may be getting more ahead of this than Western countries obviously you spend a lot of time in Asia do you get that feeling is it time to start buying there may be bargains but there's still risk no I think it's true that Asians tend to be much more cautious when something hits like this they move very quickly to try to prevent infection etc etc are they really on top of it and you must remember these are richer countries compared to let's say some countries here in Africa and some countries in Latin America so they have the resources to go after it but I think we have to be very careful with the numbers because it all depends on how many kits are available how many tests have been taken I think the reason why you have high numbers in Korea is because the Koreans are very good in testing people and having the kits available and doing the job to detect the coronavirus so I think yes Asia is in pretty good shape yeah but is it time to start putting money to work obviously you're identifying things you want to buy but are you buying or is the risk still out there and you want to hold off a little bit what we're doing is switching in other words those stocks that we have not been too excited about for one reason or another we're cutting and then adding to those stocks that you know we're fundamentally much more confident about so it's really a question of buying and selling but actually more spying than rather than selling so mark are you does that mean that you're taking on more risk or just maybe shifting where the risk actually is shifting away from risk actually in other words looking at the whole portfolio and saying look these companies sort of soso we're not that excited about them let's get rid of them now we were thinking of getting rid of them earlier but now we'll quicken the pace and use that money to buy the things that we really like so it's it's a good opportunity to make those switches how are you finding market structure in liquidity these days particularly overseas a lot of people wondering if we're gonna see a 2008 like scenario well you know liquidity and some of these markets is poor in any case I mean you go in and you be lucky to find a stock that you like that is doing a turnover of 2 or 3 million dollars a day so liquidity is is an issue that you have in emerging markets particularly in frontier markets so you've got to live with it and go in slowly and and of course when you want to get out you've got to do it slowly as well porcupine analogy makes more sense okay mark you mentioned that you like India what other areas slash sectors do you like right now right now I think Turkey deserves a close look because they're bigger oil importer and the oil bill would be going down so that's one factor of course the problems at the border in the south is something we have to look at but generally speaking there's some terrific bargains in Turkey right now so we're looking there particularly in the consumer area in companies that are not affected so much by the fall in the Turkish lira you know they're not importing very much the exporting so that's one area the other area would be Indonesia Indonesia is quite interesting again oil importer will benefit from lower oil costs and there are lots of consumer stocks there that look quite interesting across Asia how is China and its economy being perceived right now is the worst over and the rebound effects the knock-on effects in other Asian countries starting to fade or is that still going to be a lasting issue as people try to get past the basic halt in the Chinese economy it's still gonna be an issue not only for age but globally as well you must remember China is a major producer of raw materials for pharmaceuticals for example I was looking at numbers for India 70% of their pharmaceutical raw materials come from China automobiles spare parts 25% of the total so these are real problems in the supply chain and they're going to impact everybody globally but particularly Asian countries so we've got to expect a month two months of this before China gets going again as you know the Chinese authorities are trying to get people of work as fast as possible because they know they're gonna lose market share if this continues to go on as it is has been going on now so I think that is going to be the key going forward but expect a month or two months more pain on the supply chain side mark a really pedestrian question you buying gold right now I love gold as you know I've been saying this for a year I've got enough myself at this stage of the game but if there's a price correction I'm a head what so you wouldn't be selling up here anything like that book it's nice profits oh no I wouldn't be selling at this stage no it's gold a a worthwhile investment for other people to make at this point it's been very volatile surprising some people who thought it would just do nothing but go up because of what's been happening yeah I think the situation with goal is you know again with this fear crisis people want to get into cash so they sell everything including gold but I think the trend for gold is going to continue to go up for a number of reasons first of all the supply of money money supply is going through the roof and if you look at all these other currencies being created on the internet you realize that nobody knows what the money supply is number one number two you're seeing the lower and lower interest rates we're getting into of course in Europe where negative territory already but where do people put their money where it doesn't make sense to be putting in the bank when you're not getting any interests in fact they have to pay the bank to keep your money so I think those are good reasons to have gold
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