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9780684835181

Global Bargain Hunting

by ;
  • ISBN13:

    9780684835181

  • ISBN10:

    0684835185

  • Format: Hardcover
  • Copyright: 1998-01-01
  • Publisher: Simon & Schuster

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Supplemental Materials

What is included with this book?

Summary

Provides ordinary investors with the information they need to profit from the explosive economic growth expected in developing countries in the coming years. Shows you how to significantly reduce investment risk and increase returns. DLC: Investments, Foreign - Developing countries.

Table of Contents

Preface 13(8)
PART I: THE RICHES TO BE REAPED 21(46)
CHAPTER ONE: Investment Opportunities Flourish Outside the Developed World
21(21)
Good News from Recent Investors
22(4)
Emerging Markets Around the World
26(12)
Four Tigers: Hong Kong, South Korea, Singapore, and Taiwan
26(3)
Three Tiger Cubs: Malaysia, Indonesia, and Thailand
29(2)
One Dragon: China
31(4)
One Elephant: India
35(1)
The Flamingos: Latin America
36(1)
And All the Rest: Eastern Europe and Africa
37(1)
Consumer Markets in Emerging Nations
38(4)
CHAPTER TWO: The Price Is Right on the Other Side
42(25)
Stocks in Emerging Markets Are Bargains
43(6)
The Home-Country Bias and the Likely Future Flows of Funds into Emerging Markets
49(1)
Four Fundamental Reasons Why Rapid Growth Will Continue
50(9)
Economic Freedom Is Everywhere
51(2)
The People Are Smart and Thrifty
53(4)
High Technology Has Already Arrived
57(1)
The Financial Undergrowth Is Impressive
58(1)
Could We Be Wrong?
59(2)
Part I Highlights
61(6)
PART II: THE DANGERS TO BE AVOIDED 67(62)
CHAPTER THREE: Political Instability Can Sour Many an Investment Opportunity
67(12)
Playing Russian Investment Roulette
67(4)
Acting on the World Investment Stage
71(1)
Survivorship Bias
72(2)
The Mexican Roller Coaster
74(3)
A Tale of Two Flies
77(2)
CHAPTER FOUR: Lawlessness Makes Emerging Markets a Dangerous Jungle
79(16)
The Pervasiveness of Lawlessness
80(3)
Con Artists Flourish in a World Without Legal Safeguards
83(9)
MMM Meant Triple Misery for Russian Investors
84(4)
Harshad Mehta: The Invisible Hand in the Indian Stock Market
88(4)
Other Complications of Emerging-Market Investing
92(3)
CHAPTER FIVE: Volatility Guarantees a Bumpy Investment Ride
95(12)
Taiwan Takes Its Ups and Downs
96(4)
Happy Flying Crashes in China
100(4)
The General Evidence on Emerging-Market Volatility
104(2)
What Is a Global Bargain Hunter to Do?
106(1)
CHAPTER SIX: How Diversification Can Reduce Risk
107(22)
Diversification Provides Protection
108(1)
Diversification in Theory
109(3)
Diversification in Practice
112(2)
The Gains from Global Diversification, 1985-1995
114(2)
Further Gains from Adding Emerging Markets
116(2)
Diversification in the Future
118(2)
Playing the Home Team
120(5)
Part II Highlights
125(4)
PART III: HOW TO INVEST IN EMERGING MARKETS 129(93)
CHAPTER SEVEN: The Professionally Managed Approach
129(20)
Types of Professionally Managed Funds
130(3)
Paying Full Price and More for Open-End Funds
133(1)
Finding Buried Treasure Among Closed-End Funds
134(4)
Some General Rules for Buyers of Closed-End Funds
138(5)
Choosing Particular Closed-End Funds
143(3)
Taking Risks--and Profits--with Closed-End Funds Traded Abroad
146(3)
CHAPTER EIGHT: The Indexed, or Computer-Managed, Approach
149(16)
The Case for Indexing
150(1)
Constructing an Index: Some Important Issues
151(3)
Evaluating the Efficiency of Emerging Markets
154(2)
Indexing Wins Again
156(4)
Available Index Instruments
160(5)
The Vanguard Emerging Markets Index Fund
160(2)
Other Index Products: World Equity Benchmark Securities (WEBS)
162(3)
CHAPTER NINE: The Self-Directed Approach: Actively Managing Your Emerging-Market Portfolio
165(20)
Pitfalls of the Self-Directed Approach
165(3)
Gearing Up
168(2)
Seven Investment Tips
170(14)
Tip 1: Look at Regions, Not Companies
170(3)
Tip 2: Use Price-Earnings Ratios and Dividend Yields to Find Investment Bargains
173(5)
Tip 3: Overweight Markets with Low Price-to-Book-Value Ratios
178(1)
Tip 4: Watch Out for False Bargains
178(1)
Tip 5: Buy Stocks in Countries Where Political Risk Is Subsiding
179(1)
Tip 6: Trade as Little as Possible
180(2)
Tip 7: Prune Your Hedges Severely
182(2)
Some Final Advice
184(1)
CHAPTER TEN: Bargains in Bonds, Real Estate, and Natural Resources
185(23)
Emerging-Market Debt
186(8)
The Case for Investing in Emerging-Market Debt
186(2)
How to Evaluate Emerging-Market Debt
188(2)
How to Invest in Emerging-Market Bonds
190(4)
Emerging-Market Real Estate
194(12)
The Case for Investing in Emerging-Market Real Estate
194(7)
The Case Against Emerging-Market Real Estate
201(3)
How to Invest in Emerging-Market Real Estate
204(2)
Other Investment Opportunities
206(2)
CHAPTER ELEVEN: Investment Strategies and Specific Recommendations
208(14)
General Investment Rules
209(3)
Rule 1: Stay Cool
209(1)
Rule 2: Diversify Broadly
209(1)
Rule 3: Check Out Investment Bargains
210(1)
Rule 4: Buy and Hold
211(1)
Creating an Age-appropriate Portfolio
212(7)
A Final Word
219(2)
Part III Highlights
221(1)
References 222(8)
Acknowledgments 230

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