I like the American market very much, yet a portfolio exclusively based in the United States may be too plain vanilla. If you stick to only one country, you may miss some bargains. You certainly miss the chance to diversify.

In an age when a terrorist strike could suddenly upend public confidence and disrupt an economy, diversifi-cation makes even more sense than it always did.

Each September beginning in 1998, I have recommended half a dozen stocks based outside the United States that I believe American investors should consider. These stocks trade in the United States either as direct listings or as American Depositary Receipts (ADRs).

Two of my 2005 selections did well. Autoliv Inc. (ALV), a Swedish maker of air bags, seat belts and other auto-safety equipment, returned 35 percent. KHD Humboldt Wedag International Inc. (KHDH, formerly MFC Bancorp), an engineering service based in Hong Kong, returned 24 percent.

Three did poorly. China Yuchai International Ltd. (CYD), a Singapore company that makes diesel engines in mainland China, fell 46 percent. Deswell Industries Inc. (DSWL), a plastic-parts maker based in Hong Kong, declined 33 percent. And Fresh Del Monte Produce Ltd. Inc. (FDP) of the Cayman Islands, which grows pineapples, bananas and other fruit, dropped 31 percent.

Tsakos Energy Navigation Ltd (TNP), based in Greece, operates 37 oil tankers and has 14 vessels on order. As of May, Tsakos said the average age of its fleet is 6.5 years, compared with a worldwide average of 11.5 years.

Tsakos has reported a profit 12 years in a row. I consider its stock a bargain at six times earnings. It also offers a dividend yield of 5.3 percent, way above the S&P's average yield of 1.9 percent.

ASE Test Ltd. (ASTSF), based in Taiwan, makes semiconductor test equipment. The cyclical business has had four profitable quarters in a row. The stock sells for less than eight times earnings.

Nam Tai Electronics Inc. (NTE) of Hong Kong makes components for cellular phones, laptop computers, digital cameras, toys, video games and microwave ovens. Nam Tai shares fetch about 10 times earnings.

Another Asian stock that intrigues me is Kongzhong Corp. (KONG), with headquarters in Beijing. It sells games and ring tones to mobile-phone users in China. Kongzhong fetches only 10 times earnings.

I also like Banco Latinoamericano de Exportaciones SA (BLX). Based in Panama City, its mission is to provide financing for trade, especially exports, throughout Latin America.

Although I consider Bladex high-risk, I also consider it attractive. It trades for 10 times earnings, has a dividend yield of 4.7 percent and seems to have nonperforming loans under control (1.1 percent of total loans).

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