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Uncovering undervalued companies squarely positioned in the path of progress

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Dear Investor,

In May 2008, legendary value investor Warren Buffett traveled to Europe. At a press conference in Madrid, he stated his belief that the U.S. recession will be "longer and deeper" than many people expect. Which was the driving purpose of his trip: Europe has now captured his attention as a place to shop for value.

In response to a reporter’s question, Buffett also took a minute to share the three key lessons he learned as a young man from Benjamin Graham, his former boss and mentor. He credits these three lessons as the “secret” for his unparalleled investment success.

Paraphrasing his comments, Graham's lessons are...

1. View the stocks you own as pieces of businesses. Many people lose track of that simple yet critical perspective, and instead see the stocks they own as a line on a chart or a blip on a computer screen. The correct approach, according to Graham, is to understand the business, determine its underlying value and divide that value by the number of shares outstanding. Only then can you get a true sense of what the company’s shares are actually worth.


2. Get to know "Mr. Market." Each trading day, "Mr. Market" offers to buy the shares you own in a given company, or sell you his. You get to choose which side of the trade you take, or to do nothing at all.
   But the key to knowing Mr. Market is that he is prone to bipolar emotions. One day, he is overly exuberant about the value of a company’s shares and is willing to pay you a premium for them (or, ask you to pay him a premium for his). The very next day, or even the very next hour, he may fall into the funk of depression and offer to sell you his shares at a giveaway price, or offer you too little for yours. The point is this: never pay any attention to Mr. Market’s views on the direction of the market – he is far too emotional to be reliable. Instead, take advantage of his moods to buy low and sell high.


3. Invest with a Margin of Safety. Given the uncertainties surrounding any business -- uncertainties that make determining its true value naerly impossible -- you need to leave yourself a "margin of safety." If, for example, you determine a stock is worth $20 per share, you would never pay $19.50 for the stock – because that would not give you enough of a margin of safety should you be wrong. But if you could buy the same share for $12.00, well, that would be another thing altogether.

These are the bedrock principles of value investing... the principles that allowed Warren Buffett to become the world’s richest man. And they are the very same principles used by the globe-trotting editors of Casey Research’s Without Borders advisory service as they scour the world for deeply undervalued companies squarely positioned in the path of progress.


Go to Where the Value Is

It has been correctly said that "there is always a bull market somewhere." But more importantly for the value investor is the notion that there is always an undervalued opportunity somewhere... if you just know where to look.

For Warren Buffett, these days that means looking overseas. And for good reason.

Simply put, limiting your portfolio to a single market, even one as important as the U.S., unnecessarily limits your opportunities.

That’s because there are many times, including today, where large swaths of the U.S. market are under pressure. Looking overseas to regions undergoing explosive growth changes the game.

Even more important, because the U.S. investment market is so closely followed – literally by tens of thousands of analysts -- the odds of a company remaining under the radar screens and undervalued are next to nil.

It is for this reason, plus the risk-reducing benefits of geographical diversification, that including carefully selected international stocks in your portfolio is so important.


Welcome to a World Without Borders

Without Borders, the far-from-ordinary monthly advisory from Casey Research, makes it easy and simple to expand your investment horizon to a fresh new world of undervalued opportunities. A couple of recent examples make the point...

• Profits at the Crossroads of Trade Not long ago, the editors of Without Borders uncovered a unique investment bank that uses it’s location at the crossroads of Asian trade, the Panama Canal Zone, to produce stunning year-over-year growth in all the important metrics (revenues, profitability, free cash flow, etc.).
  
  By focusing its business on facilitating Chinese and other Asian trade, this boutique bank has built a rock-solid business and avoided the problems now plaguing so many U.S. and even European financial institutions. Yet, thanks to a wholesale sell-off of the troubled financial sector, the bank’s share price had fallen to the point of being deeply undervalued, given its financial strength and robust business. Alerted to the opportunity, subscribers to Without Borders have been steady buyers (the stock trades on the New York Stock Exchange) and have been rewarded with as much as a 30% profit over the last 9 months.
• The Single Best Play on China’s Growth? You are probably aware that Mr. Market is in his manic phase on the Shanghai exchange... with companies trading for many multiples of what they should. Incredibly, many Chinese investors are now buying stocks based on the belief that their stock symbols are "lucky." To which we say, "Good luck!"
  
  Yet, there is no ignoring China’s stunning economic growth.
  
  And it was exactly that growth that attracted the Without Borders team to a particularly well-situated and well-run China-based cement company that trades on the London AIM exchange. That means (a) it has avoided the extreme overvaluation of the stocks trading on Chinese exchanges, and (b) you can buy the company’s stock using your U.S.-based online brokerage account.
  
  The result has been that, as of this writing in June of 2008, Without Borders subscribers have already racked up a profit of 50% in just 3 months. By contrast, the S&P 500 is down almost 7% year-to-date.
  
  Despite its stunning gains, the share price of this Chinese cement company is still undervalued based on its business metrics and because, by happenstance, it is located just a few hundred miles from the epicenter of the recent devastating earthquake in Sichuan province. That’s far enough away to have avoided any damage, but close enough for it to provide the cement so desperately needed for the multi-year, multi-billion-dollar rebuilding projects. The growth curve on this company, which was already robust, has the potential to skyrocket.

These are just two examples of the sorts of opportunities available to independent-minded investors willing to look beyond the narrow confines of U.S. markets. It is a big, beautiful, and very profitable world out there. Are you missing out?


Please Don’t Take Our Word for It!

Without Borders, is a private-circulation subscription service from Casey Research, one of the nation’s most trusted names in providing unbiased research to self-directed investors. As a member, you receive exclusive access to the actionable intelligence uncovered by the hard-charging, constantly-traveling research team of Fitzroy McLean and Simon Black, successful international entrepreneurs and former intelligence operatives that write under noms de'plume to assure they maintain open access to their global network.

As a bonus, in addition to deeply researched recommendations on some of today’s most undervalued and potentially profitable international investment opportunities, you’ll also find in your monthly editions of Without Borders a wealth of fascinating geopolitical and even global lifestyle information.

I have subscribed to Without Borders from the beginning and I want to tell you how much I enjoy it. Your publication is unique and without peer. You guys write very, very well.
-Bobby J.

Gentlemen, I just finished reading yet another excellent issue of Without Borders. In fact, all the Casey publications are excellent. I found the timing and content of this issue to be particularly fortuitous as I am flying to Panama in a week to open up some accounts - bank and brokerage as well as set up an IBC and PIF.
-Oscar F.

Simon and Fitzroy, Firstly, thanks for the excellent newsletter. I could honestly say it is the best international newsletter I have read or subscribed to. I like the fact that you go to the countries and talk to people. Having traveled extensively I am aware that the tourist areas and media touted sites are not reflective of reality. -Malcolm M.

Your worldview – as well as your portfolio -- will definitely be expanded as you experience the world in a brand-new way through McLean’s and Black’s tireless and uncensored explorations of the world and its many opportunities.

But, in all sincerity, please don’t take our word for it. Because we are interested only in satisfied subscribers, we offer an unquestioning 3-month, 100% money-back guarantee.

Simply, if Without Borders doesn’t meet your most demanding expectations, cancel within 3 months and receive a 100% refund of every penny you pay. (And even after the three-month trial, you may still cancel at any time for a pro-rated refund!)

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