Perfect Stock Portfolio: January 2026 Edition

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The last month in global markets: the great rotation from "stories" to "prices"The last month has felt like a global investor reset. The market's attention has been less about big, sweeping narratives...

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The market's attention has been less about big, sweeping narratives...</p>\n\n<a href=\"https://www.benzinga.com/Opinion/26/01/49971790/perfect-stock-portfolio-january-2026-edition\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2778985437.USD","symbol_name":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","start_time":0,"source_url":"https://www.benzinga.com/Opinion/26/01/49971790/perfect-stock-portfolio-january-2026-edition","article_id":"2604181089","we_media_id":null,"thumbnails":["https://cdn.benzinga.com/files/images/story/2026/01/16/Stock-Market-Trading-Graph-And-Candlesti_1.jpeg?optimize=medium&dpr=2&auto=webp&width=240"],"rights":{"source":"benzinga_recent_news","url":"https://www.benzinga.com/Opinion/26/01/49971790/perfect-stock-portfolio-january-2026-edition","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2604181089","pubTimestamp":1768583700,"columns":[],"sourceInfo":{"source_id":"benzinga_recent_news","name":"Benzinga"},"weMediaInfo":null,"summary":"The last month in global markets: the great rotation from \"stories\" to \"prices\"The last month has felt like a global investor reset. 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The market's attention has been less about big, sweeping narratives and more about the arithmetic of capital: what you pay, what you get paid while you wait, and how quickly policy and growth can change the odds. That is a very healthy backdrop for what we do in the Perfect Stock Newsletter, because below-book investing is built on the simple idea that price matters again when money has a real cost.\nAcross regions, the pattern has been familiar. Equity markets have been digesting the implications of \"higher-for-longer\" interest rates, not as a slogan, but as a lived reality in discount rates, refinancing costs, and banking system behavior. Bonds have been choppy as term premium reasserts itself, while credit has generally held together better than the daily headlines suggest. In that environment, cheap balance sheets and tangible assets start to look a lot more valuable than the market gives them credit for.\nWhat you should have noticed is this: global leadership has broadened. Some of the late-cycle, crowded trades have lost their monopoly on performance, and the baton has been passed more often to markets where valuations started from a position of skepticism. That is the playground for global stocks trading below book.\nUnited States: solid growth, sticky rates, and a market that is finally noticing \"value exists\"In the U.S., the story has been a tug-of-war between \"the economy won't quit\" and \"rates won't fall as fast as people want.\" The labor market and consumer have stayed resilient enough to keep recession calls in check, but the bond market has repeatedly reminded everyone that inflation progress is not a straight line, and that long rates can rise even without the Fed hiking. That matters for below-book investors because it changes the scoring system: cash flow today and real assets on the balance sheet matter more when the discount rate is not your friend.\nEquities have also shown more internal rotation and less blind obedience to a narrow leadership set. That kind of market is usually frustrating for momentum tourists and very profitable for patient investors who can buy what is hated, mispriced, or ignored. In below-book land, this is where you keep circling the sectors that are allowed to be cheap—banks, insurers, asset-heavy cyclicals, select energy and industrial names—and ask the only question that matters: is book value real, and is the franchise durable?\nThe U.S. is still not the cheapest place to shop, but it is an important anchor. When the U.S. market shifts from \"growth at any price\" toward \"show me the numbers,\" global value tends to get a tailwind. That theme has been building.\nEurope: the value market that keeps getting rediscoveredEurope has continued to behave like the world's classic value hunting ground: structurally discounted, periodically doubted, and then—when the macro clouds thin even a little—capable of sharp relative outperformance. Over the past month, European equities have benefited from that familiar combination of decent earnings resilience, reasonable valuations, and a market that does not require heroic assumptions to justify prices.\nThe key European dynamic remains policy credibility versus growth anxiety. Investors still watch inflation prints and wage trends closely, and the interest-rate path matters because Europe is more rate-sensitive than many realize. But what makes Europe interesting for our purposes is that you can often buy real franchises—banks, insurers, industrials, and global exporters—at valuations that already assume mediocrity. The upside does not require a miracle, just \"less bad than feared.\"\nFor below-book investing, Europe is also a reminder that book value can mean something when financial systems are conservative and payout discipline is real. When you can get paid to wait and buy assets at a discount to their accounting value, the math starts to work even if growth is only okay.\nLatin America: volatility as a feature, not a bug, and asset values that still matterLatin America remains a region where politics can change sentiment overnight, but valuations often compensate you for that risk—sometimes more than compensate. The past month has been another example of why you do not approach this region looking for calm. You approach it looking for mispricing.\nThe fundamental backdrop across much of LatAm is still tied to three things: commodity sensitivity, currency confidence, and the credibility of monetary and fiscal policy. When investors get even a little more comfortable that inflation is not re-accelerating and central banks are not forced into panic mode, local assets can re-rate quickly. And because many Latin American markets are heavy in financials, materials, and energy-linked businesses, below-book opportunities show up frequently—especially when global investors run for the exits on the first scary headline.\nThe important point for our strategy is that below-book investing in Latin America is not about predicting politics. It is about insisting on a margin of safety, focusing on hard assets and conservative balance sheets, and letting time and mean reversion do the heavy lifting. When you buy fear at a discount to book, you do not need perfection, you need survival and normalization.\nJapan: a market re-learning ROE discipline, with value still hiding in plain sightJapan continues to be one of the most interesting long-cycle stories in global value. The market has been gradually repricing the idea that Japan can improve corporate behavior—better capital allocation, higher payout ratios, and less tolerance for zombie balance sheets. That is not a one-month story, but the last month has reinforced the trend: investors are still rewarding companies that treat shareholders like owners, not charities.\nPolicy remains part of the mosaic. The Bank of Japan's policy communication and meeting cadence stays central to yen psychology and rate expectations. But the deeper driver for our purposes is structural: Japan has a deep inventory of companies with meaningful asset value on the balance sheet, and the market has historically discounted those assets because management did not act like they cared. That is changing—slowly, unevenly, and sometimes reluctantly—but it is changing.\nFor below-book investors, Japan often offers a rare combination: asset backing, improving governance, and a market culture that can shift from complacency to urgency once reforms gain momentum. When that happens, discounts to book do not just narrow, they sometimes disappear in a hurry.\nChina: cheap on paper, complicated in practiceChina remains the most emotionally priced major market in the world. Over the last month, the contradiction at the heart of China's economy has been on full display. External demand and exports have held up better than many expected, while domestic confidence has remained fragile, with property weakness still a weight and policymakers leaning toward supportive measures to stabilize activity.\nThat combination produces the China market we know cheap on paper, volatile in practice, and perpetually caught between \"this is uninvestable\" and \"this is the bargain of the decade.\" For our below-book framework, China is not about blind contrarianism. It is about selectivity and balance sheet skepticism. Book value only matters if assets are real, financing is stable, and policymakers will not pull the rug out from under shareholders.\nThe opportunity set still exists, but it demands discipline: insist on quality within cheap, prefer firms with hard currency earnings or global footprints, and avoid the temptation to confuse \"down a lot\" with \"safe.\"\nWhat this month means for a below-book global investorThe last month reinforced the core truth behind this newsletter: when the world rediscovers the cost of capital, the market's love affair with expensive certainty fades, and tangible value starts to matter again. Our edge is not forecasting GDP prints. It is buying real assets at discounts, insisting on balance sheet integrity, and letting the passage of time do what it always does—turn pessimism into opportunity.\nWe do not need every region to boom. We need enough stability so that asset values can be recognized, buybacks and dividends can keep compounding our returns, and discounts to book can narrow as fear recedes. That is how below-book investing wins: not with drama, but with math.\nWe are selling Peabody Energy (BTU) for the simplest reason in investing: the market has done its job. BTU now trades well above tangible book value, which means the easy money in a below-book strategy has already been made. Yes, coal markets can stay tighter than expected and energy stocks can keep running longer than the fundamentals \"should\" allow, but that is not the point of this newsletter. Our edge is buying real assets at a discount and letting valuation mean reversion work in our favor. When a position moves from \"discounted asset\" to \"priced for optimism,\" we ring the register. Locking in a 93% gain is exactly how you build long-term results in a disciplined, rules-based portfolio.\nWe are also selling Central Puerto (CEPU) because it has crossed the same line. The stock is trading well over tangible book value, and that takes it out of our sweet spot. In markets like Argentina, you can always invent a story for why a stock might keep climbing, but stories are not what protect capital. Price does. Our framework is straightforward: buy when the market is offering assets at a discount and sell when that discount is gone. With a 41% gain in hand, we are taking the win and recycling capital into names where tangible book value still provides a margin of safety and a clearer path to upside.\nWe will be adding two stocks this month as well.\nMegaworld (MGAWY) is a classic \"real assets at a discount\" idea for this portfolio. The company is one of the Philippines' best-known property developers, with a business built around developing, selling, and leasing real estate across the country. That mix matters. Development profits can be cyclical, but a meaningful leasing footprint can create a steadier stream of recurring cash flow that helps carry the business through soft patches. In a market like this, where investors keep oscillating between optimism and fear, property names often get priced as if the cycle will never turn. That is exactly where below-book investing earns its keep. When you can buy a developer with tangible, visible assets on the balance sheet at a valuation that already assumes trouble, you do not need perfection. You need stabilization, reasonable execution, and time.\nThe other reason MGAWY fits our framework is psychological. Real estate is the kind of sector that gets punished twice: first when rates rise and financing costs go up, and again when investors start assuming demand is permanently impaired. Those periods are when book value becomes a useful anchor, because you are not buying a story, you are buying a portfolio of land, buildings, and cash-generating projects at a price the market is willing to concede is cheap. We are not pretending property is risk-free. We are saying the price already reflects a lot of the bad news, and that gives us the margin of safety we insist on in the Perfect Stock approach.\nAutohome (ATHM) is a different animal, but it lands in the same place: an asset-backed balance sheet and a valuation that reflects deep skepticism. Autohome is one of China's leading online destinations for auto consumers, sitting at the intersection of media, leads, and marketing services for automakers and dealers. That sounds \"internet-y,\" but this is not a venture-capital fairy tale. The business has historically generated meaningful cash, and right now the market is treating anything tied to China's consumer economy with outright disdain. That is where we like to work—when sentiment is awful, but the underlying enterprise still has a role, customers, and cash flow.\nWhat makes ATHM especially interesting for this portfolio is shareholder yield. The company has been returning a lot of cash to shareholders, and recent data points show a very high dividend yield, which tells you two things at once. First, investors are pricing the business like the good days are gone. Second, the balance sheet and cash generation have been strong enough to support meaningful distributions. That combination—heavy pessimism plus real capital return—often shows up when a stock is trading at a discount to book and investors are assuming the worst. We are adding ATHM because we want exposure to that kind of setup: not a bet that China turns perfect overnight, but a disciplined purchase of a real business at a price that already bakes in a harsh future.\nAfter this week's changes the portfolio has an average price to tangible book value and a yield of 3.86%","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.0","shortVersion":"4.36.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2604181089","isCrawlerRequest":true}