Preface
Why This Book? Why Now?
Here’s the direct answer: “To get the word out to investors who might want to venture into the emerging markets.”
One of the great treats of being a successful fund manager is that people (who often recognize my Yul Brynneresque shaved head and noble visage from TV talk shows) are constantly cornering me in hotel lobbies and airport lounges, pumping me for scoops. Of course, even if I felt like passing on the occasional “hot tip”—which I definitely do not—ethical and legal considerations would strictly forbid me from doing so.
So what’s my blueprint, my road map, they ask, my method of picking the right regions, the right countries, the right companies at the right time?
How did I know to throttle down on Thailand before the baht crashed, to gear up in Russia just as it was preparing for liftoff, and to pull back in Russia before that market crashed?
“Oh, it’s a long story.” I shrug, hoping that will discourage them from asking for more.
But sometimes, some people actually want to hear the whole story—especially during those long flight delays—from the buried treasures I’ve dug up in some of the most unlikely places, from the Chilean mining-and-transport company Antofagasta, whose hidden asset turned out to be copper mines worth more than its railroad, to total turkeys like the Turkish utility looted by a locally powerful clan, who took the book on investor rights and tossed it in the trash, with total impunity.
I’ll be celebrating my twenty-fifth ...
