I am a faithful disciple of Ben Graham. I seek long term investments in undervalued asset classes with sound fundamentals. I am trying to diversify my mostly U.S. dollar cash assets into diversified undervalued asset classes. I am hoping to achieve excellent results in long term. Please share your idea on what believe to be an undervalued asset class with great long term potential. I will start with mine. Japanese real estate: either buy property directly (more difficult) or through J-REITs (easier). 17 years of declining land prices in Japan makes it a very undervalued asset class. More than half of the J-REITs are trading below their net asset value at the moment. Thanks to the large net sales by foreigners and wall street investment banks repatriating fund to fill sub prime mess back home. Currently J-REIT yield is about 8% Right now i have allocated about 10% of my assets into J-REITs. I'm seeking other asset classes to diversify. Thanks for sharing.