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.

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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Global Bargain Hunting

9780684835181

0684835185

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