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Investing in Frontier Markets
Opportunity, Risk and Role in an Investment Portfolio
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Artikel-Nr:
9781118556320
Seiten:
256
Autor:
Gavin Graham
Format:
235x188x35 mm
Sprache:
Englisch
Beschreibung:
GAVIN GRAHAM is founder and President of Graham Investment Strategy Ltd. His investment experience spans thirty years and three continents, beginning in London in 1979 with Baring Brothers & Co. Ltd and including eight years in Hong Kong, three years in San Francisco managing Asian funds, and the last decade in Toronto. Formerly, he was chief investment officer for several mutual fund companies and director of investments for Bank of Montreal Asset Management (BMOAM), where he was responsible for supervising over $50 billion in assets under management (AUM).
AL EMID has forty-plus years' experience as a journalist, and this is his third book. He has reported on financial issues on the United States, Canada, South America, and the Middle East and has coordinated correspondents from all of these locales.
AL EMID has forty-plus years' experience as a journalist, and this is his third book. He has reported on financial issues on the United States, Canada, South America, and the Middle East and has coordinated correspondents from all of these locales.
The only comprehensive guide to reaping big returns investing in the hottest new growth markets
This book makes a compelling case that, just as today's well-rounded portfolio includes emerging market funds, tomorrow's well-rounded portfolio will include frontier market funds. More importantly, it alerts you to the vast opportunities and potential pitfalls of investing in frontier markets while providing expert advice and guidance on how to research and invest in the most promising frontier growth markets. Widely considered to be the next emerging markets, frontier markets, such as those of certain sub-Saharan African, Eastern European, Asian, and Central and South American countries, are showing strong signs of reaching economic critical mass. If you are an investor on the lookout for authoritative, actionable information on the next big investment opportunity, this book is for you.
* Provides sector-by-sector analyses that let you assess opportunities and risks in each frontier market
* Provides strategies and tools for determining the most efficient methods for executing, monitoring, and exiting investments
* Guides you through the wide diversity within frontier markets, showing how to differentiate countries on the basis of economic development and wealth distribution and other factors
This book makes a compelling case that, just as today's well-rounded portfolio includes emerging market funds, tomorrow's well-rounded portfolio will include frontier market funds. More importantly, it alerts you to the vast opportunities and potential pitfalls of investing in frontier markets while providing expert advice and guidance on how to research and invest in the most promising frontier growth markets. Widely considered to be the next emerging markets, frontier markets, such as those of certain sub-Saharan African, Eastern European, Asian, and Central and South American countries, are showing strong signs of reaching economic critical mass. If you are an investor on the lookout for authoritative, actionable information on the next big investment opportunity, this book is for you.
* Provides sector-by-sector analyses that let you assess opportunities and risks in each frontier market
* Provides strategies and tools for determining the most efficient methods for executing, monitoring, and exiting investments
* Guides you through the wide diversity within frontier markets, showing how to differentiate countries on the basis of economic development and wealth distribution and other factors
The only comprehensive guide to reaping big returns investing in the hottest new growth markets
This book makes a compelling case that, just as today s well-rounded portfolio includes emerging market funds, tomorrow s well-rounded portfolio will include frontier market funds.
This book makes a compelling case that, just as today s well-rounded portfolio includes emerging market funds, tomorrow s well-rounded portfolio will include frontier market funds.
Acknowledgments ix
Foreword xi
CHAPTER 1 Introducing Emerging and Frontier Markets 1
Emerging Markets 2
Frontier Markets 11
CHAPTER 2 Frontier Markets by Region 19
Measures Used in this Chapter 21
Asia 24
Africa 34
Eastern Europe 42
Latin America 49
Middle East and North Africa (MENA) 56
Exotic Frontier Markets 61
CHAPTER 3 Volatility: Not the Same as Risk 71
Lessening Volatility in Emerging and Frontier Markets 72
Correlations to Other Markets (and Lack Thereof) 73
Structural Reasons for Higher Volatility 74
CHAPTER 4 Solid Investment Information vs. Media Images 79
The Middle East: Not All in Conflict 81
Vietnam: A Long-term Bet 87
Kenya: A Slow Reduction in Risk 90
Kazakhstan: Borat Painted the Wrong Picture 93
Bangladesh: Not a Basket Case 96
Serbia: A Promising Candidate 100
Sierra Leone: No Longer War Torn 103
Conclusion 105
CHAPTER 5 Economic Strengths of Emerging and Frontier Markets 107
Returns from Emerging Markets 107
The Lack of Correlation between GDP Growth and Equity Returns 109
CHAPTER 6 Past Emerging Market Upheavals and What They Can Teach Frontier Market Investors 115
Argentinean Default of 2001 116
Mexican Devaluation of 1995 118
Asian Meltdown of 1997-98 122
Russian Debt Default of 1998 125
Brazilian Devaluation of 1999 128
The Place of Fixed Income in the Emerging and Frontier Equation 130
CHAPTER 7 The Global Investment Landscape: Why Developed Markets Appear Unattractive at Present 137
Canada 140
The United States 143
Europe 147
CHAPTER 8 Online Trading in Emerging and Frontier Markets and Why It's a Bad Idea 153
The Dangerous Appeal of Going It Alone 153
The Risks of Online Trading 155
Professional Advisors and Online Trading 160
CHAPTER 9 The Changing Role of Financial Advisors 163
Responding to Increased Challenges after the Financial Crisis of 2008-09 163
Accepting Volatility 165
Coping with Increased Reliance on Financial Advisors 167
Convincing Hesitant Clients 172
CHAPTER 10 Different Ways to Invest in Frontier Markets: ETFs, ADRs, Local Stocks and Closed-end Mutual Funds 179
Exchange-traded Funds 180
Regional Funds 184
Sector Funds 187
Single-country Funds 188
Multinational Companies with Large Emerging Market Exposure 189
Frontier Market American Depository Receipts 214
Global Frontier Funds 216
Conclusion 227
Appendix: Frontier Market Open-end Funds as of May 2013 231
Global Frontier Funds 231
Emerging European Ex-Russia Funds 232
African Funds 232
Middle East and North Africa (MENA) Funds 233
Index 235
Foreword xi
CHAPTER 1 Introducing Emerging and Frontier Markets 1
Emerging Markets 2
Frontier Markets 11
CHAPTER 2 Frontier Markets by Region 19
Measures Used in this Chapter 21
Asia 24
Africa 34
Eastern Europe 42
Latin America 49
Middle East and North Africa (MENA) 56
Exotic Frontier Markets 61
CHAPTER 3 Volatility: Not the Same as Risk 71
Lessening Volatility in Emerging and Frontier Markets 72
Correlations to Other Markets (and Lack Thereof) 73
Structural Reasons for Higher Volatility 74
CHAPTER 4 Solid Investment Information vs. Media Images 79
The Middle East: Not All in Conflict 81
Vietnam: A Long-term Bet 87
Kenya: A Slow Reduction in Risk 90
Kazakhstan: Borat Painted the Wrong Picture 93
Bangladesh: Not a Basket Case 96
Serbia: A Promising Candidate 100
Sierra Leone: No Longer War Torn 103
Conclusion 105
CHAPTER 5 Economic Strengths of Emerging and Frontier Markets 107
Returns from Emerging Markets 107
The Lack of Correlation between GDP Growth and Equity Returns 109
CHAPTER 6 Past Emerging Market Upheavals and What They Can Teach Frontier Market Investors 115
Argentinean Default of 2001 116
Mexican Devaluation of 1995 118
Asian Meltdown of 1997-98 122
Russian Debt Default of 1998 125
Brazilian Devaluation of 1999 128
The Place of Fixed Income in the Emerging and Frontier Equation 130
CHAPTER 7 The Global Investment Landscape: Why Developed Markets Appear Unattractive at Present 137
Canada 140
The United States 143
Europe 147
CHAPTER 8 Online Trading in Emerging and Frontier Markets and Why It's a Bad Idea 153
The Dangerous Appeal of Going It Alone 153
The Risks of Online Trading 155
Professional Advisors and Online Trading 160
CHAPTER 9 The Changing Role of Financial Advisors 163
Responding to Increased Challenges after the Financial Crisis of 2008-09 163
Accepting Volatility 165
Coping with Increased Reliance on Financial Advisors 167
Convincing Hesitant Clients 172
CHAPTER 10 Different Ways to Invest in Frontier Markets: ETFs, ADRs, Local Stocks and Closed-end Mutual Funds 179
Exchange-traded Funds 180
Regional Funds 184
Sector Funds 187
Single-country Funds 188
Multinational Companies with Large Emerging Market Exposure 189
Frontier Market American Depository Receipts 214
Global Frontier Funds 216
Conclusion 227
Appendix: Frontier Market Open-end Funds as of May 2013 231
Global Frontier Funds 231
Emerging European Ex-Russia Funds 232
African Funds 232
Middle East and North Africa (MENA) Funds 233
Index 235