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Obama won't stir markets

By unknown | Jul 29, 2008 | COMMENTS [ 0 ]

Barack Obama's election as US president will have a relatively short-term effect on the market.

Barack Obama's election as US president will have a relatively short-term effect on the market.

This according to Steve Craige, client portfolio manager from global investment firm Franklin Templeton.

"Then we will have to see what happens after that," said Craige. "On SA's politics and election, I wouldn't know - but the smart money will find opportunities."

Craige was speaking during an interview with I-Net Bridge just prior to delivering his keynote address at a Franklin Templeton Mutual Beacon Fund seminar at the Sandton Convention Centre.

The Beacon Fund seeks deep value opportunities around the world, but is driven by bottom-up investing. Craige highlights that it is an "agnostic" when it comes to things like politics and what "the market" is saying.

"We look at individual businesses - it wouldn't matter where the market is. We don't care about the political environment or markets - we invest in businesses and we look for the best ideas around the world wherever we can find them," he said.

The 56th consecutive US quadrennial election takes place on November 4 and will select the president and vice-president.

Obama is going up against Republican John McCain.

South Africa's election is set for the first half of next year, with ANC president Jacob Zuma the leading candidate, albeit with a lot hinging on his upcoming corruption trial in August.

Investors around the world have been debating the effect of an Obama win on markets, while a lot of pessimism has also surrounded a changing of the guard in South Africa. - I-Net Bridge


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