{LONGTERMINVESTORS} Blame Modi, China and Everyone Else Except Ourselves! SSWL Targets 1.5 mn Steel Wheel Exports in FY16-a PE of 10, A PE of 5 on Cash EPS

The Absolute Return Letter, March 2016

If only we could blame China

In this month's Absolute Return Letter, we challenge the widespread belief that the steep fall in commodity prices is all about the economic slowdown in China, and we arrive at the conclusion that the combination of high, and rising, debt levels amongst corporates in emerging markets, and a strong U.S. dollar - particularly when measured on a trade weighted basis - is a more likely cause.

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