Mexico for the Global Investor: Emerging Markets T - Hardcover

Inhaltsangabe

Chapter 1 begins with a detailed analysis of globalization in general, in its historical and geographical context: Mexico and its financial markets are recognized as a pioneering participant in this process. In chapter 2, basic investment concepts (return, risk, term and liquidity), and the concept of net present value are updated with Modern Portfolio Theory, the Capital Asset Pricing Model (CAPM), the Efficient Market Hypothesis, and the concepts of active and passive investment management, all with special reference to emerging markets and Mexico. In chapter 3, modern investment theory is applied to the analysis of Mexico in space, comparing it to other countries through use of the concept of "country risk". In chapter 4, the problem of investment over time is analyzed, through the concept of investment "cycles", with specific application to Mexico and the development of economic scenarios for Mexico. Chapters 5 through 9 cover the analysis of the main Mexican asset classes: debt, stocks and derivatives. For each asset class the analysis is divided into two parts: history and description, and analytic techniques with their application to the investment decision process. The in-depth description of the historical foundations of investment markets and instruments stems from two firm convictions. First, that all markets were "emerging" at some time or another, and, if they are now "developed", it is important and useful in an emerging markets context to see how, why and when the development occurred. Second, that in a time of rapid change, both global and in Mexico, it is important to understand that markets and instruments are not static and unchanging, but dynamic and flexible, a product of the capacity of market participants to react to new situations and opportunities. Chapter 10 covers the subject of Irrationality in investments. This is due not only to the importance of psychology in investments, but also to a historical reality that is often forgotten in the dynamic world of financial markets: that, whereas technology might change, human nature remains immutable. In chapter 11, different types of institutional and individual investor are analyzed, both globally and in relation to Mexico, with particular emphasis on the potential development of institutional investment in Mexico through the new pension fund system (the SAR). Finally, in chapter 12, the investment management process is described, for both institutions and individuals. The book closes with a summary of what we consider to be its most important lessons in five "investment rules" for emerging markets in general and Mexico in particular.

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