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Passport to Profits: Why the Next Investment Windfalls Will be Found Abroad and How to Grab Your Share, Revised and Updated


Praise for Passports to Profits

"As the world's best known emerging market investor, Mark Mobius has been circling the globe for 25 years looking for new experiences and new opportunities. If you ever wondered what it takes to do his job, look no further. Passport to Profits has it all-- investment advice, war stories, traveller's tales, and survival tips. This is an essential handbook for anyone looking to understand why emerging markets have been the most exciting place to invest for the last quarter of a century." --Jonathan Davis, Columnist, Financial Times; author of Templeton's Way With Money; investment professional; and founder, Independent Investor LLP

"Passport to Profits is a remarkable book. It combines practical investment rules from one of the most successful investors of our time with an often hilarious first-hand account of Mobius' long hours of field work as he searches for profitable investments. The book is a must-read for anyone in the investment business, potential investors in emerging market funds, as well as economists and historians looking for an eyewitness narrative of a transformative period in the history of the world." --Paul Bernard, retired Partner and Co-Director, Asia-Pacific Investment Research, Goldman Sachs

"A worthy and definitive account of emerging market economies and the investment opportunities they present. The text is accessible and informative throughout, as well as entertaining and enjoyable in Mr. Mobius's characteristic style. The insight herein is valuable for another reason too: its passionate embrace of the free-market principles that remain the world's most reliable means of securing economic development and societal well-being."--Professor Moorad Choudhry, Department of Economics, London Metropolitan University

Mark Mobius, Ph.D., Executive Chairman of Templeton Emerging Markets Group, currently directs analysts based in Templeton's 17 emerging markets offices and manages the emerging markets portfolios.

Dr. Mobius has spent more than 40 years working in emerging markets all over the world. He joined Franklin Templeton Investments in 1987 as president of the Templeton Emerging Markets Fund, Inc. In 1999, he was appointed joint chairman of the Global Corporate Governance Forum Investor Responsibility Taskforce of the World Bank and Organization for Economic Cooperation and Development.

Awards include: (1) "50 Most Influential People" by Bloomberg Markets Magazine in 2011, (2) "2010 Africa Investor Index Series Awards" by African Investor, (3) "Emerging Markets Equity Manager of the Year 2001" by International Money Marketing, (4) "Ten Top Money Managers of the 20th Century" in a survey by the Carson Group in 1999, (5) "Number One Global Emerging Market Fund" in the 1998 Reuters Survey, (6) "1994 First in Business Money Manager of the Year" by CNBC, (7) "Closed-End Fund Manager of the Year" in 1993 by Morningstar and, (8) "Investment Trust Manager of the Year 1992" by Sunday Telegraph. Dr. Mobius was also named by Asiamoney magazine in 2006 as one of their "Top 100 Most Powerful and Influential People." Asiamoney said, he "...boasts one of the highest profiles of any investor in the region and is regarded by many in the financial industry as one of the most successful emerging markets investors over the last 20 years. Despite tough times during the financial crisis nine years ago, he still commands a strong following in the investment world and is influencing the direction of billions of investment dollars."

Dr. Mobius earned bachelor's and master's degrees from Boston University, and a Doctor of Philosophy (Ph.D) in economics and political science from the Massachusetts Institute of Technology. He is the author of the books Trading with China, The Investor's Guide to Emerging Markets, Mobius on Emerging Market, Passport to Profits, Equities - An Introduction to the Core Concepts, Mutual Funds - An Introduction to the Core Concept, Foreign Exchange - An Introduction to the Core Concepts and Mark Mobius - An Illustrated Biography.

Preface: Why This Book? Why Now? vii

Acknowledgments xi


CHAPTER 1 Introduction to Emerging Markets 3

CHAPTER 2 Hope, Growth, and the Investing Process 33


CHAPTER 3 Baltic Boom 73

CHAPTER 4 All the Riches in Russia 111


CHAPTER 5 Hong Kong 157

CHAPTER 6 Hong Kong, Part II: "Catching a Falling Knife" 183

CHAPTER 7 Thailand: Ground Subzero 213


CHAPTER 8 Is Brazil the Next Domino? 253


CHAPTER 9 Nigeria 293

CHAPTER 10 South Africa 311

Conclusion: Winners and Losers 337

Author's Note 365

Index 367