Fisher Investments on Emerging Markets

by Fisher Investments; Austin B. Fraser

• ISBN13: 9780470567418
• ISBN10: 0470567414
• Format: eBook
• Copyright: 2009-10-01
• Publisher: Wiley

Summary

The fifth installment of the Fisher Investments On series is a comprehensive guide to understanding and analyzing investment opportunities within emerging markets. Growing in relative importance in recent years, emerging markets offer dynamic and unique opportunities. Fisher Investments on Emerging Markets can benefit both new and seasoned investors, covering everything from regional basics to country-specific insights to practical investing tactics, including common pitfalls to avoid.This book begins with an overview of emerging markets, followed by a historical narrative of the major emerging market regions-with emphasis on the economic, political, and sentiment drivers that help shape the investing landscape. Discusses regional, and even country-specific, drivers. Examines the major regions, including Russia, China, Latin America, and Asia. Addresses the challenges unique to emerging and developing regions, and some common pitfalls to avoid. Delves into top-down investment methodology as well as individual security analysis. Outlines a five-step process to help differentiate firms in emerging markets-designed to help you identify ones with the greatest probability of outperforming Provides investment strategies for a variety of market environmentsFilled with in-depth insights and expert advice, Fisher Investments on Emerging Markets provides a framework for understanding emerging markets. With this book as your guide, you can quickly gain a global perspective on emerging markets and discover strategies to help achieve your investing goals.

Table of Contents

Foreword

Preface

Acknowledgments

Going Backward to Move Forward

The Five Ws of Emerging Markets

Who or What?

Where?

When?

The Most Important Question-Why?

But How?

Lions, Tigers & Dragons, Oh My !

Roar of the Tigers

To the Brink of Extinction-The Asian Financial Crisis

Crisis Causes

Lessons and Legacies

The Dragon Unleashed

The History of China's Stock Market-A Lesson in Supply and Demand

Latin America and the Vagaries of Boom and Bust

The Political Economy of Latin America

Till Debt Do Us Part-The 1982 Crisis

The Tequila Crisis

From the Ruble of the Iron Curtain to the Legacy of Apartheid

The Ruble of the Iron Curtain

The Wild, Wild East

Crisis Strikes Again-The 1998 Ruble Crisis

Putin and the Modern Soviet State

The Legacy of Apartheid-Race and Markets

Developing an Emerging Markets Strategy

From the Past to Today-How to Approach Emerging Markets

Prelude to a Portfolio: Choosing a Benchmark

Getting Started: Emerging Markets Today

The Best Wayt to Think about Emerging Markets

Putting It Together: The Top-Down Method

Top-Down Deconstructed

Examples of Quantitative Factor Screenings

Developing Portfolio Drivers

The Importance of Portfolio Drivers in Emerging Markets

The Proper Perspective

Identifying Portfolio Drivers

Translating Drivers Into Portfolio Allocation Decisions

An Illustration in Analyzing Portfolio Drivers-Brazil During the 2003-2007 Bull Market

What Can Drive Emerging Markets as a Category

Getting Information to Develop Drivers

Security Analysis

Make Your Selection

A Five-Step Process

Other Important Questions to Ask

Putting it Together

Two Initial Considerations

Instruments for Investing in Emerging Markets

Common Challenges and Risks

The Future-Frontier Markets

Notes

About the Author

Index

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