"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.

In a recent post, Luck of the Irish, we cited the favorable tax treatment in Ireland (among the lowest of all industrialized countries) as a key competitive advantage for Irish companies competing on a global basis.

Continuing that theme, Nick Lanyi suggests, "Genesis Lease Ltd. (NYSE: GLS) is an Irish-based aircraft-leasing company that is benefiting from a global boom in demand for commercial airplanes -- even as the U.S. economy slows."

The editor of High-Yield International states, "Airlines increasingly lease a portion of their aircraft fleet, rather than owning them." Here's look at a company with a double-digit dividend yield that is benefiting from this trend.

"Airplanes are very expensive, and they need to be replaced every few years. Especially for smaller airlines, it makes more financial sense to pay a regular monthly fee as part of a long-term lease than to shell out the money to buy an airplane.

"In addition, the leasing company is responsible for maintaining the plane -- relieving the airline of the need to recruit, retain and pay for a maintenance staff. Also, demand for air travel fluctuates over time, and leases give airlines more ability to limit excess capacity.

"Aircraft leasing is in a strong long-term growth trend. There are currently about 18,000 commercial aircraft operating worldwide, and that number is expected to double over the next 20-25 years. Why? Because China, India, Brazil, Russia and other emerging markets are growing so rapidly. As economies expand, so does airline traffic.

"Irish corporate tax rates are among the lowest in the world because the government tends to tax consumption rather than production," explains Dave Dyer, who poins ouot, "Irish corporations enjoy tax rates as low as 10%, and that has to be a competitive advantage in the global market."

In his The Dave Dyer Newsletter, he looks to one favorite Irish firm, Icon (NASDAQ: ICLR), a contract research organization (CROs) which conducts research required for clinical trials for pharmaceutical products.

Dyers notes, "The market for CROs is very strong right now because many extremely profitable drugs will be losing patent protection in the next few years and there is lots of pressure to find some replacements.

"ICON is one of the few CROs capable of providing services on a global basis. This gives them the advantage is of running clinical trials in multiple countries at once. Also, regulators actually prefer worldwide trials because they normally provide more ethnic diversity in the subject population."