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Fisher Investments on Emerging Markets
(Author), Austin B. Fraser (Author)
9780470452363, Wiley
Hardback, published 12 January 2010
240 pages, Tables: 23 B&W, 0 Color
23.4 x 15.5 x 2.8 cm, 0.431 kg
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. Filled 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.
Foreword ix Preface xi Acknowledgments xv Part I Going Backward to Move Forward 1 Chapter 1 The Five WS of Emerging Markets 3 Who or What? 4 Where? 7 When? 9 The Most Important Question—Why? 12 But How? 13 Chapter 2 Lions, Tigers, and Dragons, Oh My! 15 Roar of the Tigers 16 To the Brink of Extinction—The Asian Financial Crisis 22 Crisis Causes 26 Lessons and Legacies 33 The Dragon Unleashed 36 The History of China’s Stock Market—A Lesson in Supply and Demand 39 Chapter 3 Latin America and the Vagaries of Boom and Bust 47 The Political Economy of Latin America 48 Till Debt Do Us Part—The 1982 Crisis 53 The Tequila Crisis 67 Chapter 4 From the Rubble of the Iron Curtain to the Legacy of Apartheid 77 The Rubble of the Iron Curtain 78 The Wild, Wild East 81 Crisis Strikes Again—The 1998 Ruble Crisis 88 Putin and the Modern Soviet State 91 The Legacy of Apartheid—Race and Markets 96 Part II Developing an Emerging Markets Strategy 107 Chapter 5 From the Past to Today—How to Approach Emerging Markets 109 Prelude to a Portfolio: Choosing a Benchmark 110 Getting Started: Emerging Markets Today 114 The Best Way to Think about Emerging Markets 120 Putting It Together: The Top-Down Method 122 Top-Down Deconstructed 126 Examples of Quantitative Factor Screenings 127 Chapter 6 Developing Portfolio Drivers 131 The Importance of Portfolio Drivers in Emerging Markets 131 The Proper Perspective 134 Identifying Portfolio Drivers 136 Translating Drivers Into Portfolio Allocation Decisions 145 An Illustration in Analyzing Portfolio Drivers—Brazil During the 2003–2007 Bull Market 146 What Can Drive Emerging Markets as a Category 154 Getting Information to Develop Drivers 160 Chapter 7 Security Analysis 165 Make Your Selection 166 A Five-Step Process 167 Other Important Questions to Ask 175 Chapter 8 Putting It Together 181 Two Initial Considerations 181 Instruments for Investing in Emerging Markets 183 Common Challenges and Risks 193 The Future—Frontier Markets 198 Notes 201 About the Author 213 Index 215
Subject Areas: Finance & accounting [KF]
