Investing in Emerging Markets: The BRIC Economies and Beyond / Edition 1

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"This book offers investors a valuable introduction to an assetclass that has grabbed investors' attention in recent years. Yetemerging markets, by their very nature, are not without risks. Marrand Reynard do not gloss over the potential pitfalls but present aclear-eyed and balanced appraisal of the differentopportunities."
Paul Farrow, Personal Finance Editor, The Telegraph MediaGroup

"For those who feel they've left it late on emerging markets,this book will revive your investment spirits. It shows we arewitnessing the last great industrial revolution. Marr and Reynard'sexplanations of the investment opportunity – the cons as wellas the pros – make this a must-read for investors. Not onlyare the BRIC economies fully analyzed, but the new opportunities infrontier markets too. If you want to understand the profoundeconomic changes going on in the world today, read it and buycopies for your children and grandchildren – for it is theywho will see the reality of this massive shift in economicpower."
Mark Dampier, Head of Research, HargreavesLansdown

"There is no doubt about the potential returns to be made frominvesting in emerging markets but it comes with some risk, so abook like this is a very timely addition to investors' knowledge– particularly as it is written by two of the best investmentjournalists in this country."
Lawrence Gosling, Editorial Director, InvestmentWeek

"Anyone who has money in emerging markets or is thinking aboutinvesting must read this book. Marr and Reynard gain access to someof the industry's best minds on emerging markets, but don't justget swept away with the euphoria and excitement – they haveproduced a measured and perfectly balanced guide. The issues arepresented and explained in a clear and entertaining way; theconclusions are simple and unambiguous. They dare to ask whetherthis time 'it's different' – whether emerging markets willrace ahead of Western markets. You will know the answer once you'veread this book."
Andrew Oxlade, Editor,

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Product Details

  • ISBN-13: 9780470748251
  • Publisher: Wiley
  • Publication date: 10/26/2010
  • Series: Securities Institute Series, #15
  • Edition number: 1
  • Pages: 256
  • Product dimensions: 6.30 (w) x 9.00 (h) x 1.10 (d)

Meet the Author

Julian Marr is a freelance investment journalist and weeklycolumnist for a number of financial publications and websites. Hehas also held senior positions with a range of specialist andpersonal finance titles, including editor of Bloomberg Moneyand editorial director of Investment Week. He began hiscareer as a solicitor in the City but that really was a long timeago.

Cherry Reynard is an award-winning freelance journalist.She has written for a broad range of national, consumer andspecialist financial media, including The Telegraph, TheIndependent, What Investment, Morningstar andInstitutional Investor. She began her career as anaccountant with PricewaterhouseCoopers and has also worked for JPMorgan.

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Table of Contents


1 An Introduction to Emerging Markets.

1.1 Introduction.

1.2 What are Emerging Markets?

1.3 A Brief History of Emerging Markets.

1.4 A Tale of Two Decades.

1.5 Decoupling and Globalization.

1.6 After the Storm.

1.7 So Far, So Good.

1.8 Interaction Between Emerging Markets.

1.9 The Ethical Dimension.

1.10 Conclusion.

2 The Investment Case for Emerging Markets – A BalancedView.

2.1 Introduction.

2.2 Why Invest in Emerging Markets?

2.3 Capturing the Opportunity.

2.4 Demographics and Consumption.

2.5 Infrastructure.

2.6 Financial Services.

2.7 Valuations, Earnings and Return on Equity.

2.8 Some Technical Considerations.

2.9 Risk.

2.10 Matters of Trust.

2.11 Corporate Governance.

2.12 Hell is Other People.

2.13 Building Emerging Markets into a Balanced Portfolio.

2.14 How to Invest.

2.15 Bonds.

2.16 Decisions, Decisions.

2.17 Conclusion.

3 New Schools of Thought – Hype or Reality?

3.1 Introduction.

3.2 Argument 1: Decoupling.

3.3 Argument 2: The Commodities Supercycle.

3.4 Argument 3: Sovereign Wealth Funds Will Take Over theWorld.

3.5 Argument 4: The East is in the Ascendancy While the West isin Decline.

3.6 Argument 5: The Success of Emerging Markets is Assured.

3.7 Argument 6: EmergingMarkets are Far HigherRisk thanDeveloped Economies.

3.8 Conclusion.

4 The "BRIC" Economies.

4.1 Introduction.

4.2 Overview.

4.3 China.

4.3.1 A Brief Economic History.

4.3.2 The Investment Case for China.

4.3.3 Industrialization and Infrastructure.

4.3.4 Country-specific Risks.

4.3.5 China’s Stock Market.

4.3.6 Conclusion.

4.4 India.

4.4.1 A Brief Economic History.

4.4.2 The Investment Case for India.

4.4.3 Infrastructure and Outsourcing.

4.4.4 Country-specific Risks.

4.4.5 India’s Stock Market.

4.4.6 Conclusion.

4.5 Russia.

4.5.1 A Brief Economic History.

4.5.2 The Investment Case for Russia.

4.5.3 Consumer Demand.

4.5.4 Country-specific Risks.

4.5.5 Russia’s Stock Market.

4.5.6 Conclusion.

4.6 Brazil.

4.6.1 A Brief Economic History.

4.6.2 The Investment Case for Brazil.

4.6.3 Post-hyperinflation.

4.6.4 Consumer Demand.

4.6.5 Country-specific Risks.

4.6.6 Brazil’s Stock Market.

4.6.7 Conclusion.

5 The "Emerged" Emerging Markets.

5.1 Introduction.

5.2 Overview.

5.3 Hong Kong – a Brief Economic History.

5.3.1 The Investment Case for Hong Kong.

5.4 Singapore – a Brief Economic History.

5.4.1 The Investment Case for Singapore.

5.5 South Korea – a Brief Economic History.

5.5.1 The Investment Case for South Korea.

5.6 Taiwan.

5.7 Investing in the Region.

5.8 Conclusion.

6 The Rest of Asia.

6.1 Introduction.

6.2 Overview.

6.3 Indonesia.

6.4 Malaysia.

6.5 The Philippines.

6.6 Thailand.

6.7 Vietnam.

6.8 Investing in the region.

6.9 Conclusion.

7 The Rest of Emerging Europe.

7.1 Introduction.

7.2 Overview.

7.3 A Brief History of Emerging Europe.

7.4 Region-specific Risks.

7.5 The Investment Case for Poland.

7.6 The Czech Republic and Hungary.

7.7 The Baltic States.

7.8 The Balkans.

7.9 Investing in the Region.

7.10 Conclusion.

8 The Rest of Latin America.

8.1 Introduction.

8.2 Overview.

8.3 A Brief Economic History of the Region.

8.4 Mexico – a Brief Economic History.

8.4.1 The Investment Case for Mexico.

8.5 Argentina – a Brief Economic History.

8.5.1 The Investment Case for Argentina.

8.6 Chile – a Brief Economic History.

8.6.1 The Investment Case for Chile.

8.7 Peru and Colombia.

8.8 Investing in the Region.

8.9 Conclusion.

9 Emerging Markets – The Final Frontiers.

9.1 Introduction.

9.2 Overview.

9.3 The Middle East.

9.4 Africa.

9.5 Investing in Frontier Markets.

9.6 Conclusion.

10 2020 Vision – The New Economic Order?


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