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Full Description
Global investing isn't new. In fact, investors have been looking to overseas markets for hundreds of years, and with good reason. A global portfolio can bestow innumerable rewards on the savvy investor, yet many US investors remain woefully under-exposed to foreign equities. Despite the fact that US equity markets make up less than half of world markets, only a small portion of our investment dollars are allocated overseas. Even the most sophisticated investors have been deterred by misconceptions about the risks associated with owning foreign stocks or a lack of information about foreign markets. But the notion investment options are limited by borders is antiquated and downright detrimental to successful investing. Once considered the playground of only the ultra-rich or institutional investors, global investing is fast becoming not only possible, but a necessity, for every investor. As part of Fisher Investments Press, Own the World introduces readers to the vast advantages of seeking investment opportunities all over the planet. Own the World provides investors with tools to build a global portfolio and points out potential hurdles to avoid. It also educates readers on the nuts and bolts of foreign markets, how to easily understand them, and vehicles for investing there. By detailing the vast and currently underappreciated benefits of global investing and the distinct advantages of a global approach, as well as common pitfalls to avoid, Own the World can help readers to tread more confidently into global markets as they look to optimize their investment results.
Contents
Preface ix
Acknowledgments xiii
Chapter 1 Who Needs a Global Investment Portfolio? 1
The Most Important Question 2
"Home, Sweet Home" Bias 4
We're Not Alone Out There 14
Global Isn't International 15
Chapter 2 Not as Foreign as You Think 17
Made in the USA 17
A Day in the Life 23
Chapter 3 Getting More for Less: Return Enhancement and Risk Management 31
Risk and Return: The Dynamic Duo 31
Keep Your Eye on the Globe 48
Chapter 4 The Global Landscape 55
An Economic Perspective 55
What's Your GDP Worth? 62
Taking Stock . . . Globally 66
Industry Classification 73
GICS 73
Chapter 5 Top-Down Investing 81
Are You Down for Bottom-Up or Up for Top-Down? 81
Top-Down Is Tops 83
The Top-Down Process 86
Step 1: Asset Allocation 86
Step 2: Sub-Asset Allocation 90
Step 3: Stock Picking 100
Chapter 6 Four Steps to Investing Success 105
Step 1: Choose a Benchmark 106
Step 2: Analyze the Benchmark's Components and Assign Expected Risk and Return 118
Step 3: Blend Dissimilar Investments to Moderate Risk Relative to Return 124
Step 4: Always Remember You Could Be Wrong, So Don't Stray From the First Three Steps 126
Chapter 7 I'm Convinced . . . Now Tell Me How 129
Who Doesn't Want More Time and Money? 129
Mutual Funds 134
Exchange-Traded Funds (ETFs) 144
Depository Receipts 149
Ordinary Shares 155
Chapter 8 The Currency Effect 157
The Almighty Dollar, Euro, Pound, Ringgit, Baht . . . 158
Currency Trivia 162
Wrangling Exchange Rates 165
Currencies and Your Global Portfolio 172
What's a Global Investor to Do? 174
Currency Strategies 175
Trading Currencies (If You Dare) 177
Chapter 9 Common Challenges in Global Investing 181
Volatility Happens 183
Dollars and Sense 185
Political Risk 185
Risks, Risks, and More Risks 190
Notes 193
About the Author 199
Index 201
