West Africa Gana

Insight and Ideas

We are an organization dedicated to research, analysis and ideas. Thank you for reviewing this sampling of our publications library.

Research Trip Reports

We travel extensively, seeking out opportunities in countries where few foreign investors participate, where information is scarce and the markets are inefficient. Here are our recent research trip reports:

Kenya and Tanzania, Diamonds in the Rough
January 2018

Update on Africa
August 2017

Lucky at Last
July 2017

Water is Wide - Wading around Eygpt and Romania
March 2017

European Frontier Revisited Balkans
October 2016

Back to the Future in Argentina
August 2016

Draining the Swamp - Zimbabwe, Zambia and Keyna
May 2016

Why Not Bangladesh and Vietnam
January 2016

From Almaty to Cairo
October 2015

Rough Seas in the Gulf of Guinea - West Africa
June, 2015

Trip to Bangladesh and Sri Lanka
February, 2015

Dawn in Karachi?
March, 2015

Kenya Sits in the Heart of East Africa
March, 2015

Trip Georgia, Latvia, Estonia, Ukraine
August, 2014

Trip Jordan, Dubai, Sri Lanka, Vietnam
August, 2014

Trip Ghana, Cote Similaries and Differences
March, 2014

Trip Argentina Counting to 2016
December, 2014

Learning Lessons… in Bangladesh, Laos & Vietnam
December 2013. “The best way to predict the future is to invent it.”

In Search of the Good: Kenya, Serbia, Romania & Ukraine
September 2013. The perfect is the enemy of the good - Voltaire, La Bégueule.

Eight Days of Southern Summer: Kenya, Mauritius & South Africa
June 2013. If you stay at the venerable Stanley, you would sleep where Teddy Roosevelt and Ernest Hemingway did when they came to shoot nearby lions.

Springtime in Africa: Mozambique and Zimbabwe
March 2013. These days, in urban Africa, money is often accepted by the bride’s family in lieu of cows.

Kazakhstan - Twenty Years Young
December 2012. The demographic changes and an increased disposable income lay the foundation for more business opportunities.

Frontier in the Southern Cone
October 2012. Frontier in the Southern Cone - Uruguay, Paraguay, Argentina.

Eastern Europe
July 2012. Strength is in Unity - Georgia, Ukrraine, Romania, Bulgaria.

The old order changeth, Tunisia
May 2012. The Jasmine Revolution. A Tunisian graduate's story resonated through the region.

Mount Kenya and the Land of a Thousand Hills
February 2012. Much has changed in the world since our last visit.

Between the Seas – Jamaica, Panama, Costa Rica, and Papua New Guinea
December 2011. “Faithful to my past, when they try to stop me, I go on.”

Daughters of Time - Serbia, Montenegro, Macedonia, Croatia
June 2011. The history of the Balkans is written in blood.

Asian Travels - Vietnam, Bangladesh, UAE, and Sri Lanka
April 2011. The choice of countries seemed timely.

Late at the Gate - Romania shuffling toward a new dawn
January 2011. Struggling to shake off the old ways of Communist rule.

Please, Please, Me - Bangladesh and Vietnam
September 2010. It is a world of poor, but proud people.

Rich World - Poor World - London, Abidjan, Accra, Nairobi & Doha
July 2010. A study of contrasts and whether those dimensions relate to investment opportunity.

Beyond the Great Wall – Mongolia the Saudi Arabia of Asia
April 2010. With both opportunities and problems, patience will be key in resource rich Mongolia.

Tale of Three Cities – Big Bad Lagos, Upscale Amman and a Better Beirut
November 2009. A worthwhile visit to the up and coming markets of Nigeria, Jordan, and Lebanon.

Return to Eastern Europe – The Lone Travelers
October 2009. Following the boom in the ex-communist world of Croatia, Bosnia, and Serbia.

Lions in Winter
April 2009. Kenya, Tanzania and an optimistic view of their challenges.

Sur le Chemin de la Pax (On the Path to Peace)
March 2008. Optimists on Africa, we find value looking at troubled spots and witnessing progress.

On the Silk Road: Kazakhstan & Uzbekistan
January 2008. Exploring the Central Asian markets of Kazakhstan and Uzbekistan.

Under the Southern Cross – Barely: Kenya, Uganda & Zambia
November 2007. Observing the great dispersion of values in the markets of Kenya, Uganda, and Zambia.

The Rich Frontier: UAE, Qatar, Bahrain, Kuwait, & Ukraine
June 2007. An exciting trip to frontier countries with bright futures.

Published Research

“The Journal of Investing”
Spring, 2017. Looking Both Ways

“The Journal of Investing”
Winter, 2016. Active Versus Passive

“Frontier Market Equity Investing: Finding the Winners of the Future”
May 2011, Research Foundation of the CFA Institute

“Emerging Markets For Dummies”
January, 2011. Lawrence S. Speidell, CFA, and CIO of Frontier Market Asset Management, Technical Editor

“The Gloom, Boom, & Doom Report”
June, 2010. The Final Frontier – Orphan Markets

“The Journal of Behavior Finance”
May, 2009. Investing in the Unknown and the Unknowable

“The Journal of Investing”
Winter, 2008. Diversification Snapshot

“The Journal of Investing”
Fall, 2007. The case for Frontier Markets

White Papers

Low Volume and Cross Country Correlation
January 2018

The Winter of Trade Discontent
March 2017

Active Versus Passive
July 2016

Frontier Misunderstanding
June, 2014

Frontier Markets – Worth the Risk?
December 2009. Radical restructuring of economies and macro fundamentals are often sound and encouraging.

Frontier Market Indexes
December 2009. A look at the frontier market position.

Case for Frontier Markets Revisited
June 2009. Presenting the case for frontier market investing.

Frontier Market Liquidity – A Rising Tide
June 2009. Liquidity has made a huge recovery as seen in the relatively good performance during these crisis times. We believe more investor interest is headed this way.

Frontier Markets and Commodities – Not much Linkage
June 2009. Frontier markets tend to be driven more by local factors than by the influence of the S&P or commodities such as oil, gold, and copper.

Frontier Market Liquidity in a Dry Season
March 2009. We believe that frontier markets remain an attractive opportunity, specifically on the consumer sector with the prospect of rising discretionary income.

Investing in the Unknown & the Unknowable-Behavioral Finance in Frontier Markets
November 2008. Frontier markets are prone to behavioral biases but the road less traveled may lead to gold.

Diversification Snapshot: Frontier Markets in a Troubled World
November 2008. Frontier markets have held up better than the rest since 2007.

Frontier Markets: Asset Class or Curiosity
July 2008. With further progress, it will not be possible to ignore frontier markets.

Diversification Snapshot: Frontier Markets in a Troubled World
July 2008. The following results offer evidence that frontier markets continue to provide useful diversification benefits.

Where are the Optimists
April 2008. We find optimistic people in the poorest of countries.

Frontier Markets & the Global Credit Crisis
February 2008. Frontier market’s independence from the credit crisis is a result of dominance by local investors who are more concerned with local economics and politics than with sub-prime loan problems.

Frontier Benchmarking – Too much of a Good Thing…or Not Enough
January 2008. Why indexes should not be interpreted as defining frontier markets in the same sense as the developed and emerging markets are.

Thoughts on Frontier Markets
2007. Discussing the reasons for forming a frontier market investment vehicle.