“There Are A Lot Of Opportunities On The Stock Market, Prices Are Low”

Mark Mobius, the founder of the Templeton Fund, who is known as the Indiana Jones of the stock markets, believes that the risk of a global economic crisis has passed. What has facilitated this is the more than 6 percent growth in developing countries. Mobius thinks that Turkey is one of these countries and that it has a promising future. He says that, after the recent turmoil, Turkey is now very attractive for investments. He says that the stock market in particular offers many opportunities. He tells those who want to invest in Turkey: “The only thing I can say is to relaize their investments immediately.” Here are the views of Mark Mobius, the founder of the Templeton Fund, about what will happen in the world economy and Turkey’s place on the global markets.

* In our last interview with you, you said: “I am not sure whether or not there will be a global crisis.” Do you still think the same?
I can now state much more clearly that we are not experiencing a global crisis. The reason we are not having a global crisis is that China and several other developing countries are growing by over 6 percent.”

* How do you evaluate the economic problems currently being experienced in the world?
It is necessary to evaluate not so much the current problems but at everything which is going on. At the moment, we should look carefully at every development and situation and bear in mind how these are going to affect the economy and the value of investments.

* How do you believe that the problem which started with the housing credits in America will end?
The problem in housing credits in America is anyway already over. Many properties were traded well below their value. Now hedge funds and venture capital funds are picking up assets at low prices. The problem has been solved but those who lost on their investments are not happy with the situation. They are suffering. There is nothing to be done about this.

* It is said that economic problems are being reflected in a decline in growth in Europe and Japan. When you look at what is happening, are you pessimistic about the future of the global economy?
I am definitely not pessimistic about the future of the global economy. The reason is the rate of growth in developing countries. Developing countries are currently recording a very good performance. They are ensuring that the world has a bright future.

* Which sectors and companies do you believe have a bright future?
The best time to invest is always the time when you have money. I think that the sectors which have the best prospects for investment are headed by oil, banking and retail.

* Who are Turkey’s rivals in terms of the race to develop?
The countries which can best be compared with Turkey in terms of the race to develop are the Czech Republic and Singapore. In terms of customer potential, market volume and economic size in particular, Turkey has long since surpassed these countries. But I want to add this. The tensions in this part of the world mean that Turkey’s strategic position is much more important for those who want to invest in the country.

* So, what are your recommendations for those thinking of investing in Turkey?
The only thing I can say is this: they should realize their investments now, immediately.

Nilüfer Gözütok
ngozutok@capital.com.tr