Securities and Investment Institute / Investing in Emerging Markets

Acknowledgements. 1 An Introduction to Emerging Markets. 1.1 Introduction. 1.2 What are Emerging Markets? 1.3 A Brief History of Emerging Markets. 1.4 A Tale of Two Decades. 1.5 Decoupling and Globalization. 1.6 After the Storm. 1.7 So Far, So Good. 1.8 Interaction Between Emerging Markets. 1.9 The Ethical Dimension. 1.10 Conclusion. 2 The Investment Case for Emerging Markets - A Balanced View. 2.1 Introduction. 2.2 Why Invest in Emerging Markets? 2.3 Capturing the Opportunity. 2.4 Demographics and Consumption. 2.5 Infrastructure. 2.6 Financial Services. 2.7 Valuations, Earnings and Return on Equity. 2.8 Some Technical Considerations. 2.9 Risk. 2.10 Matters of Trust. 2.11 Corporate Governance. 2.12 Hell is Other People. 2.13 Building Emerging Markets into a Balanced Portfolio. 2.14 How to Invest. 2.15 Bonds. 2.16 Decisions, Decisions. 2.17 Conclusion. 3 New Schools of Thought - Hype or Reality? 3.1 Introduction. 3.2 Argument 1: Decoupling. 3.3 Argument 2: The Commodities Supercycle. 3.4 Argument 3: Sovereign Wealth Funds Will Take Over the World. 3.5 Argument 4: The East is in the Ascendancy While the West is in Decline. 3.6 Argument 5: The Success of Emerging Markets is Assured. 3.7 Argument 6: EmergingMarkets are Far HigherRisk than Developed Economies. 3.8 Conclusion. 4 The "BRIC" Economies. 4.1 Introduction. 4.2 Overview. 4.3 China. 4.3.1 A Brief Economic History. 4.3.2 The Investment Case for China. 4.3.3 Industrialization and Infrastructure. 4.3.4 Country-specific Risks. 4.3.5 China's Stock Market. 4.3.6 Conclusion. 4.4 India. 4.4.1 A Brief Economic History. 4.4.2 The Investment Case for India. 4.4.3 Infrastructure and Outsourcing. 4.4.4 Country-specific Risks. 4.4.5 India's Stock Market. 4.4.6 Conclusion. 4.5 Russia. 4.5.1 A Brief Economic History. 4.5.2 The Investment Case for Russia. 4.5.3 Consumer Demand. 4.5.4 Country-specific Risks. 4.5.5 Russia's Stock Market. 4.5.6 Conclusion. 4.6 Brazil. 4.6.1 A Brief Economic History. 4.6.2 The Investment Case for

Julian Marr is a freelance investment journalist and weekly columnist for a number of financial publications and websites. He has also held senior positions with a range of specialist and personal finance titles, including editor of Bloomberg Money and editorial director of Investment Week. He began his career as a solicitor in the City but that really was a long time ago. Cherry Reynard is an award-winning freelance journalist. She has written for a broad range of national, consumer and specialist financial media, including The Telegraph, The Independent, What Investment, Morningstar and Institutional Investor. She began her career as an accountant with PricewaterhouseCoopers and has also worked for JP Morgan.