“Never invest unless there is blood on the streets,” runs the maxim from Jacob Rothschild that adorns the cover of the sales presentation from First Persian Equity Fund. Investors in the €300 million three-year closed fund, launched on June 15 and closing at the end of July, will presumably have scented blood on the fledgling Tehran Stock Exchange where years of political turmoil have kept valuations low. Volumes on the TSE have more than doubled in the past three months, while the forecast P/E ratio of five for 2007 is less than half that of Iran’s neighbours.
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