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Lots of economic activity and growth outside of the U.S. 5
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7 Source: World Federation of Exchanges
http://www.world-exchanges.org/WFE/home.Asp
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10 In emerging market winners one year---
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11 were losers the last year.
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Country
Region
Developed or Emerging markets 14
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15 Large economies.
High GDP per capita.
Sophisticated markets.
Categorized as U.S., Japan, and Europe.
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17 Rest of Asia, Latin America, Middle East, South Africa,Central and Eastern Europe.
High risk - Spectacular gains and losses.
Emerging markets become developed markets.
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Foreign shares are put in deposit with a bank the the U.S. The bank issues ADRs.
ADRs are listed on U.S. exchanges.
Close to $900 B in ADRs are traded. 22
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Vodafone Airtouch
Royal Dutch Petroleum
Nokia
Unilever
Sony
Novartis
23
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10% of all mutual fund assets.
Fund takes care of buying, selling, and foreign requirements.
Higher fees than other funds.
24
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29 Italy
Germany
South Korea
Mexico
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