Japan

I think Japanese stocks are going to rally over the next 5 years or so, with gains in the 20-30% range over this time period. We could see the Nikkei at 20,000 or more by 2013.

There are so many companies in japan that are selling for discounts to their liquid assets right now, much less the enterprise value. It is remarkable that such deals can exist in a major country.

I went to see where Japan was trading, and it is even more dramatic than I thought. P/B in Japan is 1 right now. This is an incredible buying opportunity.