Contents
About That Nagging Feeling That You’re Missing Out
The Search for the Opportunity to Add Value
Chapter 2. Rethinking Value in a Global Age
B2B: Back to the Balance Sheet
...the More They Stay the Same
Chapter 4. Investing in Politicized Markets
Mapping the New Political-Economic World Order
An Aside on the China-Versus-U.S. Question
Rise of the Arab and Asian Godfathers
The New Political-Economic Powers Are Deal-Makers, Too
Where the Visible Hand of Government Helps Investors
Chapter 5. How Political Access Adds Value
Princes, SOEs, and Government Sachs
Political Access Success Stories
The Value of Political Access in State Capitalist Systems
The Value of Political Access in Godfather Economies
Investment Strategies for Politicized Markets
Live by Politics, Die by Politics
Chapter 6. The World Is Biased
The Room Looks Different Depending on Where You’re Sitting
The Disproportionate Bias of Western Investors
Reputation Lets Your Capital Punch Above Its Weight Class
How to Create an Emerging-Market ATM
Chapter 7. The Profits and Perils of Reputation
Institutional Investors on the Frontier
Hong Kong, Dubai, and the Path of Least Resistance
“Danger: Alligators. No Swimming. Survivors Will Be Prosecuted.”
Reputation and Capital Were Not Enough to Save Danone’s China Venture
Coca-Cola Rides Its Reputation to 1.3 Billion New Customers
Chapter 8. Capability Deals in Theory
From the New to the Newer World
Crossing the Governance Rubicon
Chapter 9. Capability Deals in Practice
Winning Long-Term in Difficult Environments
Winning Short-Term in Really Difficult Environments
Foreign Versus Local, Capability Stampedes, and Global Wing Walking
Chapter 10. Global Tycoons, Value Tanks, and Other “Go for the Jugular” Strategies
“Direct Spectacular” Investments
Rethinking Good to Great Environments
The Best Deals Are Simple Deals
Chapter 11. It’s Still About Price and Quality
Filling Your Global Dance Card
Moving the Castle to an Island
All Your Eggs in One Basket Versus All Your Baskets Tied Together
The Intelligent Global Investor
Chapter 12. A Global Investment Playbook
Strategy #1: Buy Underpriced Good-to-Great Stocks
Strategy #2: Buy Great Companies on Their Knees
Strategy #3: Buy “Potentially Great” Companies, and Make Them Great
Strategy #4: Launch a Value Tank for Global Acquisition and Development Deals
Strategy #5: Build a “Direct Spectacular” Investment
Strategy #6: Buy or Build a “Bird on a Rhino” Investment in a High Growth Environment
Strategy #7: Buy Small-Medium Private Companies in a Rising Environment
Strategy #8: Buy Cheap Companies in Environments or Situations That Others Avoid
A Multiprong Approach to Global Investing
Chapter 13. After Markets Collide: The Next Twenty Years
Value Investors Should Go Global
Business Development Executives Are the Uncrowned Princes of Global Investing
Private Equity as the Value-Added Partner of Choice
Accelerating Out of the Downturn