"Ireland is attracting global value hunters," says fund expert Carl Delfeld, of Chartwell ETF Advisors, who takes a contrarian look at the closed-end New Ireland Fund (NYSE: IRL).

"My ETF pick for the week is in honor of John Templeton not just because of his meeting his final summons this week at age 95 but because it highlights one of the key tenets of his legendary investment career. Templeton's first maxim was to buy at the point of 'maximum pessimism'. IRL trades at a 15% discount to net asset value.

"Ireland has gone from darling to outcast in less than a year in the eyes of the global investment community. Rather than look for markets that were performing well, Sir John built a career looking for troubled or ignored markets that traded at attractive valuations.

"Due to vastly overvalued property markets and loose banking and fiscal policy, the market is done close to 70% since last fall. It's growth rate has averaged 7-8% during the past decade but growth prospects have been officially lowered to zero for 2009 and its economy actually shrank in the first quarter of this year.

"To make matters worse, property prices in the posh retail areas of Dublin have already dropped 50% and home prices have fallen 20%. Ireland's stock market is now the cheapest market in the world based on forward price earnings and price to book."

Each day, Steven Halpern's TheStockAdvisors.com offers the latest market commentary and favorite investment ideas from the nation's leading financial newsletter advisors.