Mobius on Emerging Markets

This comprehensive handbook for investing in stock markets of emerging economies is written by the president of numerous mutual funds, including the Templeton Emerging Markets Fund, which claims to have averaged a 23% annual return in its eight-year history. Through spectacular improvements in education, life expectancy, technology and financial stability, maintains Mobius, countries once called ""underdeveloped"" today offer opportunities comparable to buying land in the U.S. during the 1800s. Beginning with the demographic, technological and ideological shifts that, in his view, expand economic conditions, he analyzes the opportunities and risks involved in investing in countries like Malaysia (""the success story of the decade""), Lebanon (Beirut is ""a future Hong Kong"") and Russia (where post-Soviet privatization ""augurs well for the development of capital markets""). Mobius applauds ""market-oriented reforms"" like minimal regulation and low capital gains taxes. Among specific investment strategies, he recommends buying directly on the emerging stock markets as well as purchasing shares in emerging-market mutual funds, including his own. He also addresses political, financial, regulatory and other risks involved in such investments. This upbeat, if technical, description of emerging markets is punctuated with Mobius's highly personal commentary on his research trips around the world. 35,000 first printing. (Nov.)