The Ledger
Every statement that passed quotation and attribution checks. Mix any filter with any other: certainty 1/5, debate potential 5/5, or both at once.
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Graña: Up To a Third of the MSCI EM Index Is State-Owned
“Between a quarter and a third of the benchmark are state-owned enterprises. Think Gazprom, Rosneft, PetroChina, ICBC, Petrobras. Most of these companies that I hope you can appreciate are governance challenged.”
Graña: Brazil's incumbent president will likely lose to Lula next year
“And next year, it looks like the incumbent president, based on all the latest polls, would likely lose to Lula, former president of Brazil.”
Graña: Russia Holds the Vast Majority of Global Titanium Reserves
“The vast majority of the world's
Known reserves of titanium are in Russia.”
Graña: EM Value Outperformed Pre-2008, but Growth Led Post-2008
“You have to consider that before Value outperformed growth on average six out of seven years in emerging markets, but post 2008 growth, I think has outperformed nine out of 11 years.”
Graña: China Solar and Wind Power Are at Grid Parity Without Subsidies
“Did you know that producing, in China, the producing electricity from solar and from onshore wind is almost at parity with producing electricity from thermal. No subsidies needed.”
Graña: The S&P 460's Returns Match Emerging Markets Exactly
“If you were to strip out the 40 most successful US stocks out of the S&P 500 and compare that to the, so the remaining S&P 460, I guess. The S&P 400 sixty's performance is actually bang in line with emerging markets. Bang in line with European markets. There's…”
Graña: Samsung Left China to Become Vietnam's Largest Exporter
“For example, the largest exporter of Vietnam today is not shoes and t-shirts and it's actually Samsung. Samsung doesn't produce smartphones in China anymore. They do produce them in Korea, but the low and medium end phones are now produced out of Vietnam. The …”
Graña: State Enterprises Make Up Roughly 75% of Vietnam's Stock Market
“About three quarters of the Vietnamese stock market, maybe a little less now, are state-owned enterprises, which again, we struggle with from a governance perspective. And then of the remaining balance in Vietnam, many of those have hit their foreign ownership…”
Graña: Controlling Shareholder of First Mexican REIT Disappeared Post-IPO
“Shortly after the IPO, the controlling shareholder disappeared. He went on a horseback ride on his beach resort and never came back. And lo and behold, the company was also short of funds.”