This book begins with an overview of emerging markets, followedby a historical narrative of the major emerging marketregions—with emphasis on the economic, political, andsentiment drivers that help shape the investing landscape.
- Discusses regional, and even country-specific, drivers.
- Examines the major regions, including Russia, China, LatinAmerica, and Asia.
- Addresses the challenges unique to emerging and developingregions, and some common pitfalls to avoid.
- Delves into top-down investment methodology as well asindividual security analysis.
- Outlines a five-step process to help differentiate firms inemerging markets—designed to help you identify ones with thegreatest probability of outperforming
- Provides investment strategies for a variety of marketenvironments
Filled with in-depth insights and expert advice, FisherInvestments on Emerging Markets provides a framework forunderstanding emerging markets. With this book as your guide, youcan quickly gain a global perspective on emerging markets anddiscover strategies to help achieve your investing goals.
About the Author
Table of ContentsForeword.
Part I Going Backward to Move Forward.
Chapter 1 The Five Ws of Emerging Markets.
Who or What?
The Most Important Question—Why?
Chapter 2 Lions, Tigers & Dragons, Oh My!
Roar of the Tigers.
To the Brink of Extinction—The Asian Financial Crisis.
Lessons and Legacies.
The Dragon Unleashed.
The History of China's Stock Market—A Lesson in Supply andDemand.
Chapter 3 Latin America and the Vagaries of Boom andBust.
The Political Economy of Latin America.
Till Debt Do Us Part—The 1982 Crisis.
The Tequila Crisis.
Chapter 4 From the Ruble of the Iron Curtain to theLegacy of Apartheid.
The Ruble of the Iron Curtain.
The Wild, Wild East.
Crisis Strikes Again—The 1998 Ruble Crisis.
Putin and the Modern Soviet State.
The Legacy of Apartheid—Race and Markets.
Part II Developing an Emerging Markets Strategy.
Chapter 5 From the Past to Today—How to ApproachEmerging Markets.
Prelude to a Portfolio: Choosing a Benchmark.
Getting Started: Emerging Markets Today.
The Best Wayt to Think about Emerging Markets.
Putting It Together: The Top-Down Method.
Examples of Quantitative Factor Screenings.
Chapter 6 Developing Portfolio Drivers.
The Importance of Portfolio Drivers in Emerging Markets.
The Proper Perspective.
Identifying Portfolio Drivers.
Translating Drivers Into Portfolio Allocation Decisions.
An Illustration in Analyzing Portfolio Drivers—BrazilDuring the 2003-2007 Bull Market.
What Can Drive Emerging Markets as a Category.
Getting Information to Develop Drivers.
Chapter 7 Security Analysis.
Make Your Selection.
A Five-Step Process.
Other Important Questions to Ask.
Chapter 8 Putting it Together.
Two Initial Considerations.
Instruments for Investing in Emerging Markets.
Common Challenges and Risks.
The Future—Frontier Markets.
About the Author.