Customer Reviews

Mobius on Emerging Markets (Financial Times Series)

5 star:		(2)
4 star:		(0)
3 star:		(1)
2 star:		(1)
1 star:		(0)

 

 

Mobius on Emerging Markets demonstrates that the author is more than just a fashion guru. The book is a well-written and compelling read; I read nearly all the 364 pages in one day. It is logically structured and gives the reader an enlightening introduction to emerging markets; this is supported with clear graphical and tabulated statistics.

The book is divided into three Parts:

1) Emerging Markets

Origins of Emerging Markets Macro Economic Trends in Emerging Markets

2) Country Reviews

Emerging Market Overview (Africa, Asia, Latin America, Middle East, Southern Europe)

3) Investment

Investment Strategies and Investments Evaluating Stock Picks Stock Exchange Characteristics Risks My View on Emerging Markets

Although I was initially sceptical of Mark Mobius I must thoroughly recommend this book and congratulate Mark Mobius on his well-deserved success.

If you are considering investing in emerging markets `Mobius on Emerging Markets' is his best advertisement yet.

Mobius is certainly a guru for people like me who do analysis on emerging markets. People were questioning the viability of emerging markets investing as an asset class just a couple of years ago due to contrast between the boom of US equity market and the gloomy performance of MSCI. Doubts also come from the debate on the "high alpha or just high beta". Some even go further to say that "either the companies (in emerging markets) have been integrated into global markets or the companies are not worthy at taking a look at all". So what's the virtue of investment market as an asset class? Does it matter? What kind of investors are the fit for this asset class? How?

I am a firm believer in what Charles Ellis as well as David Swensen have said about the alternative investments philosphy. In "winning the loser's game", Ellis eloquently, humorously while ruthlessly concluded that "it is harder and harder to beat the market" for market is yourself or people like yourself. It is a pity that he didn't talk about emerging markets. Mobius went on to explore the markets to share the knowledge on this young while dynamite asset class. It is still too early to draw a conclusion on this-we'll wait and see. Nevertheless, It is great that somebody is there waving to you and say "hay, you might want to try this and it is fine".

Mobius is an investment genius, of that there is little doubt. However, in 2012 this book is of very limited interest. It is largely a collection of facts about emerging markets as they were many years ago, and while many of the facts are interesting few have much relevance to investment and many no longer are true. For example, writing from Muscat he states that most men in Oman wear the Khanjar dagger. In today's Muscat this is not the case at all. Khanjars are worn there today as often as US Army generals wear cavalry swords. The book also has a chapter on the USSR, which is of course no longer an emerging market as it no longer exists.

"EPICTETUS"

I guess I'm in the minority here. I was extremely dissapointed with this book. The writing is plodding, and I kept waiting for some good war stories, insights, or ideas and never got them.

Sure, there are words on the page, so he must be saying something. It wasn't anything particularly new, original or really useful. Or memorable for that matter. He does include some personal stories, but they elicit a shoulder shrugging, "So what?".

Invest your money elsewhere.