Monday, April 28, 2003

Stocks In International Trouble Spots

WASHINGTON - When war broke out in Iraq, we spoke with David Cooley, manager of J&W Seligman's Global and International Growth equity funds. At the time, he liked prospects for Israeli stocks, particularly generic-drug maker Teva Pharmaceuticals.

Since that conversation, Teva shares have jumped 15% while Israel's benchmark TA-100 index has increased 14%. From a 52-week low set in February, the index is up 29%. "Buying in front of a big geopolitical event is a scary ticket to write," Cooley says, "but it's often the right one to send to the trading floor."

Cooley's contrarian tactics don't just apply to emerging economies or regions addled by conflict. In the wake of Gulf War II, he gives us a pick from none other than the Federal Republic of Germany.

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