Investing in Emerging Markets [electronic resource] : The Rules of the Game /
Gamble, William B.author.
You see it in every business paper or magazine. You hear it on every financial talk show. You are deluged with "facts" presented as certainty: China will be the number one economy. The BRIC countries (Brazil, Russia, India, China) will continue to outstrip the developed world in growth for decades to come. Emerging markets are therefore a sure bet for making money and should be part of every portfolio. But is it true? Emerging markets undoubtedly present one of the most exciting investment opportunities that has occurred over the last twenty years. But so was the U.S. housing market-if you knew when to get in and get out. Emerging markets are no different. To understand them you have to understand that they are different. You have to understand that you are not on Wall Street anymore. Different rules apply. And there are not only vast differences between developed and emerging markets, but vast differences among emerging markets themselves. The opportunities and risks are substantial and vary enormously between countries. Investing in Emerging Markets will help the retail investor, the more sophisticated money manager, and the prospective international businessperson to get beyond the hype, the marketing, and the dreams to understand the real risks and to take advantage of the real opportunities. This book: Provides an overview of the emerging markets prime for investing Outlines the snares awaiting the unwary Guides novice investors and professionals alike Shows how to make money by carefully selecting markets for investment.
Description based upon print version of record.
Title Page; Copyright Page; Table of Contents; About the Author; CHAPTER 1 Emerging Marketsvs. Marketing Emerging Markets; As Chenggong Goes, So Goes China; Chenggong an Emblem of Success. Really?; Commentators with Open Eyes; Wall Street's Track Record; But What About Hedge Funds?; Sophisticated . . . Guesses; Beware the "Story"; Myth of Constant Growth; An Historical View of "Constant Growth"; Rules: Game Changers; Investors Must Comprehend the Full Picture; CHAPTER 2 Never Forget: YouAre Not on Wall Street Anymore; Rules vs. Relationships; Trust vs. Game Theory
Socializing Highlights Incentives and DisincentivesMicrofinance Made Possible through Relationships; Family Affairs; Family Connects with Government; Implications for Investors; Underground Economies; Black Market Riches; Crony Capitalism and Corruption; No Incentive to Change; Implications for Investors; State-owned Companies; Financial Behemoths-and Growing; Back to the Good Old Days; Implications for Investors; Lack of Information; Relationship-based Economies Thrive on Connections and Information; Investors Beware; Accurate Public Information: A Rare Commodity
Free Speech: Don't Take it for GrantedImplications for Investors; CHAPTER 3 China; One Billion Capitalists; Crumbling Financial System; Investing in China; Indirect Investment in China; Direct Investment in China; Heed Mr. Market; CHAPTER 4 India; The Value of the Law; Choppy Indian Waters for Vodafone Reveals Investment Concerns; The Law Can Work . . . Eventually; Property Rights in China vs. India; Indirect Investment in India; Direct Investment in India; CHAPTER 5 Russia; Indirect Investment in Russia; Direct Investment in Russia; CHAPTER 6 Brazil; Legal Infrastructure; Infrastructure
Indirect Investment in BrazilDirect Investment in Brazil; CHAPTER 7 Other Emerging Markets; Asia; South Korea; Taiwan; Hong Kong; Malaysia; Thailand; Vietnam; Indonesia; The Philippines; Turkey; Egypt; South Africa; Mexico; Frontier Markets; Emerging Market Bonds; CHAPTER 8 Profiting from Emerging Markets; Why Malkiel Is Wrong; Why Don't They Invest in Themselves?; How to Invest; Pay Attention to Cycles; Go with the Momentum; It's All About the Country; Emerging Markets Are Tied to Established Markets; APPENDIX Sources of Information on Emerging Markets; Newspapers and Magazines; Experts
General ResourcesBooks; I Index
Includes bibliographical references and index.
You see it in every business paper or magazine. You hear it on every financial talk show. You are deluged with "facts" presented as certainty: China will be the number one economy. The BRIC countries (Brazil, Russia, India, China) will continue to outstrip the developed world in growth for decades to come. Emerging markets are therefore a sure bet for making money and should be part of every portfolio. But is it true? Emerging markets undoubtedly present one of the most exciting investment opportunities that has occurred over the last twenty years. But so was the U.S. housing market-if you knew when to get in and get out. Emerging markets are no different. To understand them you have to understand that they are different. You have to understand that you are not on Wall Street anymore. Different rules apply. And there are not only vast differences between developed and emerging markets, but vast differences among emerging markets themselves. The opportunities and risks are substantial and vary enormously between countries. Investing in Emerging Markets will help the retail investor, the more sophisticated money manager, and the prospective international businessperson to get beyond the hype, the marketing, and the dreams to understand the real risks and to take advantage of the real opportunities. This book: Provides an overview of the emerging markets prime for investing Outlines the snares awaiting the unwary Guides novice investors and professionals alike Shows how to make money by carefully selecting markets for investment.
Business.
Management science.
Business and Management, general.