Passport to Profits · Why the Next Investment Windfalls Will Be Found Abroad and How to Grab Your Share by Mobius, Mark -- Read -- Imperial Library of Trantor

Index

Cover Contents Title Copyright Preface Acknowledgments Part I: On the Frontier of Emerging Markets

Chapter 1: Introduction to Emerging Markets

Why Seek New Frontier Markets? Attractive Investment Opportunities Do your Research Where Are These New Markets? Argentina Chile Peru Cambodia Vietnam Bashkortostan Republic Kazakhstan Slovenia Romania Libya

Chapter 2: Hope, Growth, and the Investing Process

FELT Putting on My FELT Hat, Puttin’ on the Ritz The Basket Boom Some Statistics So Many Eggs, So Many Baskets A Note on Fund Types Closed-End Funds Open-Ended Funds A Few Things you Can Do The Big Five Taking the Plunge Risk and Reward By Way of Background And Today . . . The BP What I Bring to the Party The Crunch Method My Mobius Trip The Mobius Method Reality Check Sixth Sense Investment by Analogy Risk is Real ADRs Volume Discount Getting De-Fleeced Trading Risk Water Water Everywhere, Yet Not a Drop to Drink And Now for the Good News In Bob We Trust Operational Risk Let’s Look on the Bright Side Market Risk Five-Year Plan The Importance of Being Contrary Fear and Greed Templeton’s Law The Asian Spin Cycle Ground Zero Growth Mass Communications Leapfrogging Technology Foreign Aid That’s Not a Band-Aid The Market Economy Lower Tariffs, More Competition Take a Walk on the Cynical Side Reason Regionally as Well as Rationally Regional Benchmarks Interest Rates A Privatization Primer Getting In on the Ground Floor

Part II: The Boom—Eastern Europe

Chapter 3: Baltic Boom

The Name is Mobius. Mark Mobius. So Why the Baltics? Mobius Map Preliminary Assessment Boom Towns Gateway Countries On the Ground Radio, Radio Cultural Characteristics Beachhead to Russia Hotel as Metaphor Signs of the Times The Healthy Heart Surveying the Territory The Phone Company Strategic Partners Strategic Investors E.T. Call Home Sizing Up Management The Vision Thing From a Bureaucracy into a Company An Excellent Connection NAV Playing Privatization Monopoly Politics, Schmolitics Future Shock Company Assessment Going Mobile The Energy Company Numbers Racket Women’s Lib? Candid Assessment The Stock Exchange The Bank Company Assessment Regional Assessment Market Metaphors

Chapter 4: All the Riches in Russia

Riddle/Enigma/Mystery Tax Surrealism Privatization, Russian Style Contract Killing The Oligarchy Oneximbank Confidence Games Oligarch A New Leaf? Prefer the Preferred? Profit from the Spread Share Dilution? A New New Leaf Cheaper by the Dozen Ground Zero A Fair Exchange A Central National Depository Registry So Boom or Bust? Some Good News Cultural Uplift And Now for Some Bad News The Second Tier Small is Not Always Beautiful Russia’s Pacific Rim A Haven for the Culturally Confused The TV Producer Back to the Map Public-Private Partnerships Corporate Culture Survival Instinct The Car Company A New Leaf Site Inspection Making Money Awesome Social Burden Company Assessment The Money Tree Share Dilution Arkhangelsk Dostoyevskian Despair Siberia KrAZ A House Deeply Divided KrAZ Update Fireworks

Part III: The Bust—Asia

Chapter 5: Hong Kong

The Happy Handover Until, That is, the Fur Flew Forex Forever Selling yourself Short The Global Game Sticky Thai Rice Zooming In Let’s Get Technical There’s Got to Be a Better Way Currency Risk PPP Inside George Soros’ Head Current Account Balances Politics The Right Stuff The Only Thing to Fear is Fear Itself The Down-and-Dirty Details When Bad News is Good News Bottoms Up A Symbol Soiled Finger-Pointing Ominous Atmospherics The Russian Typhoon Hunting for Black October Peg o’ My Heart War of Words A Debate Finally Joined Moral Hazard For Richer, for Poorer, in Sickness and in Health The Great Man Speaks

Chapter 6: Hong Kong, Part II: “Catching a Falling Knife”

Head and Shoulders Curtains Risk Analysis Mobius Inc. Upside Downside The Year of the Rat What They Don’t Teach you at Harvard Business School Bargain-Hunting Handover Hangover Numbers Racket Snoopy Dog Dog Where There’s Smoke, There’s Fire Aftermath High Finance Déjà Flu All Over Again The Patron Saint of Hong Kong Boning Up on your Fundamentals The China Connection Hong Kong’s Burden Red Chip Fever For All the Money in China Playing Monopoly IPO Mania IPO Primer Playing the IPO Game Flying the Concord Concord First Class Property Values Highway to Heaven Playing the China Card Bad Beer Body Heat

Chapter 7: Thailand: Ground Subzero

SOS Playing Monopoly Gridlock City Circa 1992 Ghost Towns of Tomorrow Hills Like White Elephants What a Difference a Decade Makes The Royal Road to Recovery The Broom Lightening Up, with a Heavy Heart Macro Mirage Loss Leaders Buster Rabbit Sitting on Top of the World Chapter 11? Panning for Gold in the Sewer High Finance Goin’ Bottom-Fishing Twilight Zone Foreign Influence You Can’t Take It with you A Free Market Dispenses Back to the Land Political Reform My Thai Time Back to Bangkok Thai Farmers Bank New Rights Issues Strategic Investors Penthouse View Wham! Show Me the Money Why Was This Man Smiling? Confidence Games First Bangkok City Bank Less than Zero Okay. You Tell Me: Buy, Sell, or Hold? Follow-Up Bangkok Bank Tea and Sympathy Another Follow-Up Fleecing the Foreigners, Part II Pure Export Plays Chicken Feed Siam Cement Do the Right Thing

Part IV: Beating the Odds—Latin America

Chapter 8: Is Brazil the Next Domino?

Flying Down to Rio Reach Out and Touch Someone Ticket to Ride But for the Grace of God . . . Sausage Links The Painted Box Debtor’s Prison Soccer Star Bossa Novas Price Comes Before the Fall Mumblety-Peg Big Birds of Paradise Silence is Golden Politician’s Paradise Dismantling the Octopus Not So Fast, Bub Truth or Consequences The Privatization Tango Untangling the Maze The Rumor Mill Size Matters Eletrobras NAV Telebras Looking Backward Breaking Up is Hard to Do Cheaper by the Dozen? Sweet River Valley, Valley So Low Sweet River Shares Oh Cicero!

Part V: The Final Frontier—Africa

Chapter 9: Nigeria

Jewel in the Crown Hey Guys! Business or Pleasure? Con Artistry We Flew by Night Moral and/or Ethical Investing Idi Amin No More Moral and Ethical Quandaries Continental Drift Highway from Hell Multinational Inc. The Tax Man Cometh The International Packaged Goods Company Soap Opera Do your Duty The Multinational Packaged Goods Company Country Assessment

Chapter 10: South Africa

Political Football The Strong Man of Africa Reality Check Risk Premium Risk Pool Diamonds Are Forever? Political Risk Personified De Beers Consolidated Mines Ltd. The Diamond Club Trust Busters Playing Monopoly Diamonds Are a Girl’s Best Friend Breaking Away Russian Roulette The Glittering Pipeline Turning Off the Tap Black Chips Black Chip, Blue Chip, Red Chip, New Chip A Black-and-Blue Chip A Hero’s Welcome Water into Wine Eco-Okay Polifin Engen Tongaat-Hulett Group The Magnificent Seven Africa the Beautiful

Conclusion Author’s Note Index

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