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12/19/08

Another one for the Mark Mobius collection

Oh dear, very bad news for emerging markets. The evermore ridiculous and desperate EM permabull Mark Mobius is headlined as saying this today:

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By Francine Lacqua and Michael Patterson Dec. 19 (Bloomberg) -- Emerging-market stocks are “bottoming” and will begin a new bull market next year as interest-rate cuts spur economic growth in developing nations, investor Mark Mobius said. “We’re beginning to see this bottoming situation,” Mobius, who oversees about $26 billion in emerging-market stocks as executive chairman of Templeton Asset Management Ltd., said in a Bloomberg Television interview from Hong Kong. “I sincerely believe that next year we’re going yada yada continues here
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Why bad? Well, if you remember back to this post dated October 9th, we had Mark Mobius saying the following at the following dates this year:

By Daniela Silberstein and John Dawson

Oct. 9 (Bloomberg) -- The global financial crisis won't last long and emerging-market stocks are a ``wonderful opportunity'' for investors after their record rout, said Mark Mobius, executive chairman of Templeton Asset Management Ltd yada yada CONTINUES

On September 15th
Templeton's Mobius Says Merrill Deal Signals Bottom (Update2)

"....The decisions will ``go a long, long way to stabilize the situation,'' Mobius said. ``We're probably now at the bottom and it'll be a build up of confidence from here on in, if these decisions are made.''"

On August 20th
Emerging-Market Retreat Is `Overdone,' Mobius Says (Update2)

"...Mobius said he's buying as many consumer shares in emerging markets as he can."

On July 22nd
Mobius Sees `Good Bargains' in China, India Stocks (Update2)

Mobius added that he favors shares in Brazil and Russia because the two markets can still benefit from the demand for energy and other raw materials.

``Russia and Brazil are pretty much in the same position,'' Mobius said. ``Both of those areas are swimming in excess liquidity, which will drive consumer prices as well.''

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At least people aren't laughing behind his back any more. They're laughing straight at his face. Your time is up, Mobius. Any fool looks good in a bull market.