Scottish money cold on Asia

EdinburghÆs investment community is a wee bit sceptical about AsiaÆs tech story, as recent roadshows have discovered.

Conventional wisdom holds that Asias best equity story consists of tech stocks buoyed by investor momentum. That even if dubious dotcoms are no longer in fashion, incredible earnings growth and continuing demand from California make Asia hardware and telecom stocks todays core holdings.

Not in Scotland. In the damp, gray fastness of Edinburgh, fund managers have a distinctly sceptical view. Most initial public offering roadshows have to travel here, and it is often the toughest destination for a companys top brass. The grilling they get is frequently more severe, the questioning more dogged, than in other European capitals.

Scotland is a bastion of traditional long-term value equity investing. The style is...

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