Fisher Investments on Emerging Markets

Inbunden, Engelska, 2010

231 kr

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Beskrivning

The fifth installment of the Fisher Investments On series is a comprehensive guide to understanding and analyzing investment opportunities within emerging markets. Growing in relative importance in recent years, emerging markets offer dynamic and unique opportunities. Fisher Investments on Emerging Markets can benefit both new and seasoned investors, covering everything from regional basics to country-specific insights to practical investing tactics, including common pitfalls to avoid. This book begins with an overview of emerging markets, followed by a historical narrative of the major emerging market regions—with emphasis on the economic, political, and sentiment drivers that help shape the investing landscape. Discusses regional, and even country-specific, drivers.Examines the major regions, including Russia, China, Latin America, and Asia.Addresses the challenges unique to emerging and developing regions, and some common pitfalls to avoid.Delves into top-down investment methodology as well as individual security analysis.Outlines a five-step process to help differentiate firms in emerging markets—designed to help you identify ones with the greatest probability of outperformingProvides investment strategies for a variety of market environmentsFilled with in-depth insights and expert advice, Fisher Investments on Emerging Markets provides a framework for understanding emerging markets. With this book as your guide, you can quickly gain a global perspective on emerging markets and discover strategies to help achieve your investing goals.

Produktinformation

Utgivningsdatum:2010-01-12
Mått:155 x 234 x 28 mm
Vikt:431 g
Format:Inbunden
Språk:Engelska
Serie:Fisher Investments Press
Antal sidor:240
Förlag:John Wiley & Sons Inc
ISBN:9780470452363

Utforska kategorier

Finansiering inom Ekonomi och Ledarskap

Mer om författaren

AUSTIN B. FRASER is a research analyst at Fisher Investments with a focus on emerging markets and macroeconomic strategy. Prior to joining the firm, he worked at Cambridge Associates in Washington, D.C., as a research associate. He graduated from the University of Michigan, Ann Arbor, with a BA in history. Originally from Detroit, Michigan, he now resides in San Francisco.

Innehållsförteckning

Foreword ixPreface xiAcknowledgments xvPart I Going Backward to Move Forward 1Chapter 1 The Five WS of Emerging Markets 3Who or What? 4Where? 7When? 9The Most Important Question—Why? 12But How? 13Chapter 2 Lions, Tigers, and Dragons, Oh My! 15Roar of the Tigers 16To the Brink of Extinction—The Asian Financial Crisis 22Crisis Causes 26Lessons and Legacies 33The Dragon Unleashed 36The History of China’s Stock Market—A Lesson in Supply and Demand 39Chapter 3 Latin America and the Vagaries of Boom and Bust 47The Political Economy of Latin America 48Till Debt Do Us Part—The 1982 Crisis 53The Tequila Crisis 67Chapter 4 From the Rubble of the Iron Curtain to the Legacy of Apartheid 77The Rubble of the Iron Curtain 78The Wild, Wild East 81Crisis Strikes Again—The 1998 Ruble Crisis 88Putin and the Modern Soviet State 91The Legacy of Apartheid—Race and Markets 96Part II Developing an Emerging Markets Strategy 107Chapter 5 From the Past to Today—How to Approach Emerging Markets 109Prelude to a Portfolio: Choosing a Benchmark 110Getting Started: Emerging Markets Today 114The Best Way to Think about Emerging Markets 120Putting It Together: The Top-Down Method 122Top-Down Deconstructed 126Examples of Quantitative Factor Screenings 127Chapter 6 Developing Portfolio Drivers 131The Importance of Portfolio Drivers in Emerging Markets 131The Proper Perspective 134Identifying Portfolio Drivers 136Translating Drivers Into Portfolio Allocation Decisions 145An Illustration in Analyzing Portfolio Drivers—Brazil During the 2003–2007 Bull Market 146What Can Drive Emerging Markets as a Category 154Getting Information to Develop Drivers 160Chapter 7 Security Analysis 165Make Your Selection 166A Five-Step Process 167Other Important Questions to Ask 175Chapter 8 Putting It Together 181Two Initial Considerations 181Instruments for Investing in Emerging Markets 183Common Challenges and Risks 193The Future—Frontier Markets 198Notes 201About the Author 213Index 215