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More About This Title DEVELOPING MARKET INVESTING: UNCOVERING OPPORTUNITIES IN EMERGING MARKETS
English
Though potentially risky, investing in emerging markets can offer extremely attractive returns. Opportunities in Emerging Markets offers practical advice for investors based on the real life experiences—both positive and negative—of practitioners, pioneer investors, and local heroes with experience in frontier markets. Exploring how every developing market has its own unique regional cultures and social structures that change the way investors invest, and must be understood in order to make wise investments, the book combines standard approaches to investing with the exigencies of frontier markets to create an invaluable framework for success.
A collection of useful ideas that investors—institutions, general partners, limited partners, or shareholders—can draw upon when investing money in emerging markets, the book includes essential information on one of the most attractive opportunities for beating traditional markets and investments. If access, downside, and predictability can be managed, there's a great deal of money to be made in emerging markets, and this book shows how. Both investors and investment managers need to understand fundamental success factors, real framework conditions, and hidden pitfall and in Opportunities in Emerging Markets, author Gordian Gaeta analyses these intricacies in depth.
- Gives investors of all kinds the information they need to succeed in emerging markets
- Incorporates real life experiences—both good and bad—to help readers avoid common mistakes and maximize their returns
- Includes interviews with Mark Mobius, Jim Rogers, Marc Faber, and other leading names in the emerging markets sector
For those traders brave enough to engage in high-risk/high-return investing, Opportunities in Emerging Markets is an excellent overview of the world's toughest frontier markets and how to conquer them. Featuring interviews with some of the top investors in the field, this is the definitive guide to the perils and pitfalls of investing in these highly volatile markets.
English
Dr. GORDIAN GAETA is an active private equity investor and advisor specializing in complex and distressed equity and alternative investments and transactions predominantly in the developing economies of Asia. He participates on boards, investment and finance committees, and in executive functions of fund managers, investment firms, and financial services companies. Gaeta started his career as a banker in several countries before becoming a management consultant. A former academic, he also lectured at several universities; served as director, professor, or dean of private academies certifying financial services professionals on investment; and co-chaired the Asian Banker Summit. Gaeta contributes regularly to an investment column as well as investment publications and is the author, coauthor, or editor of various books related to finance, business, and investing, including Frontiers in Credit Risk (Wiley).
English
Preface xi
Selected List of Acronyms xvii
PART ONEOn the Selection and Classification of Developing Markets 1
CHAPTER 1 On Developing Markets in General 7
The Notion of Developing Markets 7
The Nature and Structure of Emerging Markets 9
The Spectacular Rise of Developing Markets 12
Practical Perspective on Frontier Economies 16
Conclusion 22
CHAPTER 2 Developing Market Classifications and Categorizations 25
Investable Emerging Market Classifications 25
Frontier Market Categorizations 44
Conclusion 50
CHAPTER 3 Considerations on Emerging and Frontier Market Classifications 53
Consequences of Classifications 54
Issues with Classifications 64
A Potential Leap in Classifications 71
Indexing and Passive Investment: The Asian Investor Perspective 73
Conclusion 82
CHAPTER 4 Alternatives on Selecting Investable Developing Economies 85
Investor Factors of Importance 87
Essential Economic Freedoms 89
Global Competitiveness 94
Doing Business 96
Governance Indicators 97
Financial Centers Ranking 100
Global Manufacturing Competitiveness 101
Stock Market Aspects 103
Conclusion 105
CHAPTER 5 Private Equity Flows as a Lead Indicator 107
Private Equity Flows: The Next Wave of Investable Markets 107
Private Equity as Lead Indicator 114
Emerging Markets Private Equity in Practice 122
Conclusion 130
CHAPTER 6 A Different Selection of Investable Markets 133
PART TWOThe Investment Case for Developing Markets 141
CHAPTER 7 Emerging Markets Investments—Short Term or Secular Theme 145
The Confounded State of Industrial Nations 146
Change in Global Power Balance 163
Emerging Markets on the Growth Path 166
Global Redistribution Has Only Started 172
Conclusion 175
CHAPTER 8 A Case for Frontier Markets 177
New, Yet Familiar Territory 179
Key Drivers of the Frontier Markets Opportunity Set 181
Risks to Investing in Frontier Markets 195
Conclusion 199
CHAPTER 9 Subcontinents: Sub-Saharan Africa and Southeast Asia 201
The Investment Case for Africa 201
South and Southeast Asia Frontiers: Opportunities Abundant 212
Conclusion 229
CHAPTER 10 Regions: Middle East, GCC, Levant, and North Africa 231
The Soft Side of Business in MENA 232
Investor Markets in MENA, GCC, North Africa, and Levant 236
The Case of Oman: Solid Foundations for Investment 244
Oman Stock Market 248
United Arab Emirates: Plentiful Business and Capital 250
Conclusion 252
PART THREEPragmatic Investing in Developing and Unclassified Markets 255
CHAPTER 11 Investments in China 259
Seeing the Whole China Elephant 259
China Investing, Chinese-Style 262
The Whole Elephant: How to Evaluate a China Investment 274
Conclusion 277
CHAPTER 12 The Genesis of Markets: Colombia, Mongolia, and Haiti 279
Colombia: From Drugs to Investment Destination 279
Mongolia: Opportunities in the New Frontier 288
Haiti: Out of Tragedy to Future Frontier Market? 297
Conclusion 305
CHAPTER 13 Nascent Stock Markets: Myanmar, Laos, and Cambodia 309
Myanmar: Change toward Long-Term Attraction? 309
Lao People’s Democratic Republic: Emerging from Isolation 316
Kingdom of Cambodia: A New Market 326
Conclusion 331
CHAPTER 14 Credit and Real Estate Markets in Emerging Economies 335
Credit Markets of Emerging Central and Eastern Europe 335
Real Estate Market in the Mekong Region 344
Conclusion 350
CHAPTER 15 Critical Business Issues in Developing Markets 353
The Importance of Being Earnest: The UK Bribery Act Globally 353
Information Technology in Developing Markets 366
Conclusion 374
CHAPTER 16 Operating in Emerging Markets 377
The Substance of Marketing in Developing Markets 377
Corruption Utile 383
Business Styles and Requirements 385
Conclusion 389
About the Author and Editor 391
About the Contributors 393
Bibliography 405
Index 413
