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Mattias Martinsson Profile picture
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Jan 20 • 4 tweets • 1 min read
Sometimes love Twitter. A much better way to visualize.
Now waiting for the comments why "This time it is different" 😉
These comments tend to highlight current state or fears of what is to come (normally macro in both cases), both of which are in the price.
A good exercise for any investor is to ask themselves: 'Which stocks would I like to own for the next ten years, if it wasn't for that last nasty risk I am concerned about?' Probably what you should go for.

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Mattias Martinsson Profile picture
Jan 22
P/BV vs history is one of the better methods of measuring sentiment. For those concerned by the recent rout in S&P500, this chart might be helpful. To translate - There is another 32% down to neutral (not bearish) levels.
#SPX500 Image
on the opposite side you have #Pakistan. To reach 10y average the market needs to rise 50%. Image
Valuation gaps rarely close overnight. No point in predicting car crashes. If US book values rise 10% a year over the next 5 years and S&P500 returns 3% a year (like 2001-2011) the gap will be closed in 2027. Does not have to be a drama, just likely underperformance for some time
Read 8 tweets
Mattias Martinsson Profile picture
Jun 25, 2021
1/X - So #Pakistan is under review for "downgrade" to Frontier index. Personally I think it would be a good move. At 2bps of MSCI EM it will continue to be ignored. A few observations on MSCI Frontier Index and its use:
#EmergingMarkets #FrontierMarkets
2/X - There is a structural flaw in the algorithm deciding country weights. As opposed to MSCI EM where 50% free float is required, in FM index a mere 7,5% free-float is required. Not a brilliant idea as it gives a higher weight to "zombie markets" with zero liquidity.
3/X - It is ridiculous that #Bangladesh with >150 musd a day has 1/3 of the weight of #Kenya with 6 musd.
Read 7 tweets

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