Building an 'Atlas Shrugged' Portfolio

An interesting commentary on world stock markets from Conrad de Aenlle in the International Herald Tribune:

The most attractively priced stock markets are often in countries that subject businesses to the most onerous taxation and regulation. What’s a capitalist to do? Consider building an “Atlas Shrugged” portfolio.
John Hatherly, head of global asset allocation for M&G Investment Management in London, judges the United States and China to have the most dynamic, investor-friendly economies, but he prefers to buy them on the cheap through European and Japanese companies that sell into those markets or, better yet, use them as manufacturing bases.
Just like the frustrated business owners in Ayn Rand’s novel who close up shop and move abroad to enjoy a less fettered commercial environment, the companies Hatherly likes – Japanese carmakers, British drug companies, German banks among them – are doing as little as possible in their putative homes and seeking out opportunities in more vibrant markets.

See the full article for more information.