GLOBAL STOCK INVESTOR HOTLINE UPDATE 32

Nicholas Vardy

Nicholas Vardy has a unique background that has proven his knack for making money in different markets around the world.

Our Global Stock Investor defied my expectations of a pullback — with both Anglo American Corp. (AAUK), ABB Ltd. (ABB) and the iShares MSCI Brazil Index (EWZ) all hitting or returning to record highs. Cell phone play Millicom International (MICC) also jumped more than 8% during the week.

I still expect a couple of weeks of consolidation sometime during the next few weeks, before we continue with the Q4 rally. This is the best time of the year for global stocks, so let’s enjoy the ride.

PORTFOLIO UPDATE

Anglo American (AAUK) returned to its record high yesterday to once again breach the $34.00 mark. This week, Fortune magazine ranked Anglo American CEO Cynthia Carroll #1 among the 50 most powerful women in business for 2007. The stock remains a BUY.

ABB Ltd. (ABB) closed above $27.00 yesterday. ABB announced that it has received an order worth $110 million from E.ON Kraftwerke GmbH to supply an advanced railway power converter system for a power station in Germany. ABB officials said that part of the contract calls for the company to supply the 400-megawatt system for E.ON’s new 1,100-megawatt coal-fired power station to provide electricity to German railways. ABB is a BUY.

America Movil (AMX) snapped back from early losses this week, after Standard & Poor’s raised Mexico’s long-term foreign currency credit rating to "BBB+" from "BBB," citing strengthening fiscal revenues and less fear of political gridlock. America Movil is a BUY.

MSCI Swedish Index ETF (EWD) was featured in an interesting story in the magazine’s latest issue about the Swedish economic reforms — what I call Sweden’s "Reagan Revolution." With the ETF almost back up to record highs, it remains a BUY.

iShares MSCI Brazil Index ETF (EWZ) had yet another strong week. The fund is up 14.71% in the short time its been in our portfolio. Brazil is expected to receive investment-grade status before the end of the first quarter of 2008. This will result in an additional $50 billion in foreign investments during the first year. On average, investment-grade status results in a 174% increase in foreign investment during the two years following achievement of that status. The biggest beneficiaries are expected to be the "heavyweights" Petrobras and Vale do Rio Doce, in which EWZ is heavily weighted. BUY Brazil.

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Currency Shares Japanese Yen Trust (FXY) will zig when our other holdings zag. It is a defensive BUY.

ICICI Bank’s (IBN) online trading arm launched its overseas trading service, which will allow investments across 13 U.S. stock exchanges, including NASDAQ and the New York Stock Exchange (NYSE). ICICI also plans to raise $11 billion overseas in the next 12 months to fund its expansion abroad and credit growth in the country. "India’s Citibank" is a BUY.

Millicom International (MICC) soared another 8.29% since the close on last Tuesday. Technically, the stock looks set for a breakout, and may reach new highs during the next few weeks. Millicom is a BUY.

ArcelorMittal (MT) revealed greater synergies in purchasing and general and administrative costs than originally expected from the merger of the two steel giants. ArcelorMittal also plans to increase annual steel shipments to 130 million tons by 2012 including projects under study — or 122 million including those already done or approved — from a level of 111 million in 2006. The stock is a BUY.

Tesco (TSCDY) has announced the date for the long-awaited opening of its first Fresh & Easy Neighborhood Market stores in the United States. The first six grocery stores are to open in Los Angeles, Orange, Riverside and San Bernardino counties on Nov. 8. The U.K.-based retail giant said the openings will mark "a major milestone" for the company, after spending years researching and planning the Fresh & Easy format. Further Fresh & Easy stores are to open in San Diego, Phoenix and Las Vegas by the end of the year. The stock is a BUY.

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After hitting record highs on Monday, global markets paused for a breath last week. Overall, our Global Bull Market Alert portfolio is well positioned to take advantage of further gains over the next couple of months. Our portfolio is broadly diversified over a number of very strong global investment themes: global steel stocks (PKX); the commodities boom (BHP); momentum in Chinese markets (EWD); global shipping (DRYS); uranium (CCJ); Central Europe & Russia (CEDC, VIP), as well as a handful

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