Asia leads the way, as investors regain their enthusiasm for venturing abroad Dead. That pretty much summed up the attitude of portfolio investors for the last two years towards emerging markets, which they avoided like the plague. Investing in Thai banks, Russian oil pumpers, and Johannesburg gold miners looked like a formula for losing money. And it was.
Skeptics say the recovery looks slow, unsteady, and fraught with pitfalls.
But optimists counter that the region has clearly pulled back from the precipice. Big upward bounces in currencies also supported the Asian surge. Asian companies aren't the only winners, however. The No. 1 spot on this year's list goes to Mexico's Telefonos de Mexico, known as Telmex. South of Mexico, though, the picture isn't so pretty.