Mark Mobius, who manages $30 billion in emerging market stocks at Templeton Asset Management, says he expects emerging markets stocks to recover from recent declines, reports Bloomberg.
"We believe in patience," Mobius told investors in Sao Paulo. "We look at volatility of the last few days and we don't get excited. We believe in value, and we wait until the market recognizes that."
[Editor's Note: Sir John Templeton first predicted market, housing crash – Read More Here]
Mobius says fears of an economic slowdown in the U.S. are overblown.
"The U.S. is supposed to have been in recession for the last four years, and we're still waiting," he said.
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Mobius did say that China markets were overvalued and overdue for a decline though. Last week, Mobius told MarketWatch that China's A-share market, which is mostly inaccessible to foreigners, could fall 20 percent. Mobius says the distinction is significant.
"A lot of people don't make these distinctions," explained Mobius. "The general trend in the (emerging) markets is very good. They're not highly expensive, with the exception of the Chinese A-share market. Our view is that it could present a buying opportunity."
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Editor's note:
Sir John Templeton first predicted market, housing crash – Read More Here
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