Mobius on Emerging Markets [antikvár]

: ^reface and Acknowledgements This book grew out of the desire to introduce investors to the exciting, and rewarding, realm of emerging markets. I hope that both laymen and professionals will find the subject of interest. For the layman the book gives an introduction to one of the most interesting investment arenas in the world today. For the professional, it gives an insight into how one emerging markets investment manager views these markets and the philosophy he applies when investing in such markets. In this book I try to define emerging markets, review their history, provide profiles of investors who should invest in emerging markets and reasons why; a description of specific emerging market regions and some individual markets; an outline of techniques and strategies that can be used by emerging markets investors; and finally, insights into what I believe is necessary to be a successful emerging market investor. As much as possible, I have tried to give a comprehensive view, but the rapid changes taking place in the developing world could make each sentence obsolete the day it is written. The most significant challenge facing emerging markets today is fluctuating levels of investor confidence. When emerging markets were being pushed to new highs around 1993, investors were willing to ignore all the problems inherent in such markets, problems which normally would intimidate investors, such as political instability, lack of infrastructure, and discrimination against foreign investors. Sure enough, once prices reached a plateau and then began declining, the negative news became more salient. In this book, I want to encourage investors to look at emerging markets as more than market index highs and lows. Instead, I want to guide the international investor into a long-