“Unlocking Value in Emerging Markets: Where Are the Opportunities? Juan Torres”
TSMC is fundamentally strong but overvalued at 65x CAPE; speaker doubts this multiple is justified.
And in Taiwan, you have this amazing company. It's a very good company. TSMC currently makes up 13% of the index. It has risen from 4.5% two years ago to 13% today.
It is trading at 65 times its cyclically adjusted price-to-earnings ratio. I think this is a very high number. But I don't think it's limited to TSMC.