global perspective

Frontier Market Investing

I was recently in Myanmar (Burma) and what I saw completely blew me away.

My family came to India from Burma in 1959 when the military under General Ne Win nationalized all foreign businesses in Burma. A part of my extended family stayed behind in Burma and endured the oppression of successive military governments over the last 50 years. I had met one of my distant uncle's in India several months ago and he had invited me to visit him in Burma to take a look at the environment and opportunities there. After much procrastinantion and reluctance, I finally planned a trip and paid him a visit a few weeks ago. More...

Fear Of Debt

Debt has become a complete pariah. The pendulum on debt has swung to the other extreme compared to 2007.
The world cannot function without debt. All assets cannot be owned by equity. Investors have a desire for collateralized lending with first charge on assets cushioned by sufficient equity. They are willing to forego higher returns in exchange for reducing (substantially) volatility and risk. On the other side, entrepreneurs and managements have confidence in their abilities, their products and their markets to leverage up their scarce equity capital to enhance their equity returns. More...