Friday, April 11, 2008

Buying more SNF

Bought more of Spain Fund (SNF) today. It now trades at less than 5% premium to NAV, which is a rare thing. Usually it's priced at about 10% premium.

China musings: inflation kicked off for real (in China). Yuan is up sharply. We are in a new era: China is done as a source of cheap labor. Which also means that cheap labor is done. Finished. No more sources of it in the world comparable in size to China. More on that later.

Full disclosure: at the time of publication author had log position in SNF. Positions can change at any time.

Disclaimer: This article is not intended as an investment advice. Every person should make her/his own investment decisions based on all available information and advice from her/his own financial advisor.

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