He warns of the structural problems in emerging markets , and recommends that investors avoid countries with unstable currencies generally have problems with its trade balance.
" So choose those countries or regions where the external balance is in better condition. Central Asia may offer better opportunities compared to Latin America or the New Europe , "he said .
However, for the moment economist prefers stock markets of developed countries, especially the United States. There he advised to bet on cyclical stocks , those who have sensitive exposure to growth and to abandon the defensive positions that are too expensive .
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