I'm looking elsewhere for value

Right now, I don't see a lot of value in the U.S. market. The S & P 500 is up over 50% from the March 9th low. Many people are clamoring that the a new bull market is afoot. As regular readers of this blog know, I don't believe that. To this end, I've been stockpiling cash, waiting for another downturn. I haven't liquidated any positions, I'm just going to add to them.

I'm starting to look to other markets for values. This is difficult as many major markets have rebounded nicely this year. One of the websites that's been very helpful is ADR Universe. ADR Universe has a good overview of foreign stocks trading in the U.S., as well as closed-end funds. The information is tagged by both country and industry, so finding what your looking for is very simple.

If you would prefer to buy stocks directly rather than go the ADR route, then I suggest that you read, The World is Your Oyster by Jeff Opdyke of the Wall Street Journal. Mr. Opdyke has written a very personable book about his experience investing in international markets. He maintains several brokerage accounts in markets spanning the globe. He makes very solid recommendations about choosing a broker and what to expect. I recommend that you read it prior to committing any of your money.

Another author that I would recommend is Jim Rogers. His books, Investment Biker, Adventure Capitalist, and A Bull in China are fun reads that also give you a hands-on perspective on the perils and pleasures of investing outside the United States.

Also, check out the Emerging Markets Century by Antoine Van Agtmael. Mr. Van Agtmael gives a good overview of the tremendous growth and increasing sophistication of emerging markets. He also provides detailed information about the new class of blue chip companies.