GLOBAL INSIGHTS From the Bottom-Up Jeffrey Germain, CFA, Senior Analyst Michael Werner, CFA, Product Analyst
Pockets of Value Areas Where We Are Finding Value Potential Oil & Gas Integrated Oils Food Retail U.K. Autos South Korea Japan Emerging Markets Brazil Challenging Markets to Find Value: U.S., China
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OIL & GAS
Historic Low Valuations for Sector Price-to-Book History 1.6 >1.0 = premium