how to go long emerging markets ebook
TRANSCRIPT
-
8/4/2019 How to Go Long Emerging Markets eBook
1/22
HOW THE 3RD RICHEST PERSON IN THE WORLD TOOK
$300K AND TURNED IT INTO $40 BILLION
OR, How to go long in emerging markets
as a foreigner
T R A D E S T R E A M I N G . C O Mwhere investors learn from experts
t r a d e s t r e a m i n g . c o m : w h e r e i n v e s t o r s l e a r n f r o m e x p e r t s
-
8/4/2019 How to Go Long Emerging Markets eBook
2/22
You cant be a big investor and ignore the rest of the
world
The global investing landscape has changed, creating a new center ofeconomic power.
This shift is distributing investing opportunities away from Wall Street and
the European markets
to multiple systems
around the world.
Its definitely an excit-
ing time for investors
as opportunities have
been harder to find in
home (Western) mar-
kets.
If youre a serious in-
vestor, you cant avoid the changing landscape. Theres so much happen-
ing in the rest of the world (ROW).
Its the type of environment that famed investor Ben Graham would drool
over. Hed see a world of opportunities and stick to his concept of value,
looking at companies through a value prism, sticking to fundamentals.
You have to be part of this.
You cannot afford not to.
T r a d e s t r e a m i n g . c o m! H o w t o G o L o n g E m e r g i n g M a r k e t s a s a F o r e i g n e r
1
-
8/4/2019 How to Go Long Emerging Markets eBook
3/22
Were not in Kansas anymore
The thing is, investing in China, Brazil, India -- not to mention Qatar, Ma-
cau, or Saudi Arabia -- is hard.
Its different from our experiences searching for value in U.S. markets.
These are fundamentally different systems
Rule of law is NOT coming to China anytime soon.
In fact, Jeffrey Towson, head of investments (previous) for
the Worlds 4th richest man, Saudi Prince Waleed (the Ara-
bian Buffett), believes that the defining characteristic of investing in
emerging markets is a lot of uncertainty.
In emerging markets, there are no minority shareholder rights.
There is no real corporate governance. At least, not like were used to in
the West.
Key fact
T r a d e s t r e a m i n g . c o m! H o w t o G o L o n g E m e r g i n g M a r k e t s a s a F o r e i g n e r
2
-
8/4/2019 How to Go Long Emerging Markets eBook
4/22
The KEY Question
So, the fundamental question for todays investor is:
How do
you invest for the long term in an environment
characterized by its instability?
More specifically, how do you go long, via a buy and hold strategy, ride the eco-nomic value up (like Buffet and Waleed) in an environment that is inherently un-
stable?
5 Problems Going Global
Towson believes the troubles investing globally fall into 5 different classes
of problems:
1. limited access to investments
2. increased uncertainty in intrinsic value
3. increased long term uncertainty
4. limited minority investor shareholder rights
5. outsider disadvantages
T r a d e s t r e a m i n g . c o m! H o w t o G o L o n g E m e r g i n g M a r k e t s a s a F o r e i g n e r
3
-
8/4/2019 How to Go Long Emerging Markets eBook
5/22
Towson, in his new book, What Would Ben Graham Do Now: Rethinking Value
Investing for a Global Age, believes he has found the answer.
The Answer:
Combine about 70% of how Prince Waleed
invests with 30% what Towson and Buffett
have done
Find the Value
The trick is not to buy a company in China, only to sell it in 6 months be-
cause youre nervous.
Wealth is built in emerging markets by purchasing companies and holding
them for 5 years.
Ah...its hard but doable.
Towson spent many years learning exactly how Waleed was able to buy a hotel
on Monday in Jedda and sell a manufacturing business on Friday in China.
T r a d e s t r e a m i n g . c o m! H o w t o G o L o n g E m e r g i n g M a r k e t s a s a F o r e i g n e r
4
http://www.amazon.com/gp/product/0132173239/ref=as_li_ss_tl?ie=UTF8&tag=israelihighte-20&linkCode=as2&camp=217145&creative=399373&creativeASIN=0132173239http://www.amazon.com/gp/product/0132173239/ref=as_li_ss_tl?ie=UTF8&tag=israelihighte-20&linkCode=as2&camp=217145&creative=399373&creativeASIN=0132173239http://www.amazon.com/gp/product/0132173239/ref=as_li_ss_tl?ie=UTF8&tag=israelihighte-20&linkCode=as2&camp=217145&creative=399373&creativeASIN=0132173239http://www.amazon.com/gp/product/0132173239/ref=as_li_ss_tl?ie=UTF8&tag=israelihighte-20&linkCode=as2&camp=217145&creative=399373&creativeASIN=0132173239http://www.amazon.com/gp/product/0132173239/ref=as_li_ss_tl?ie=UTF8&tag=israelihighte-20&linkCode=as2&camp=217145&creative=399373&creativeASIN=0132173239 -
8/4/2019 How to Go Long Emerging Markets eBook
6/22
Did you know that
Prince Waleed (dubbed the
Arabian Buffett) built a
$22 billion fortune off just
$30,000?
Did you know Waleed em-
ploys only 2 or 3 staff peo-
ple to manage his global
investing activities?
Prince Waleed brings it
Waleeds Investments
more than 5% of Citigroup
more than 200 hotels (Movenpick,Fairmont, The Savoy)
EuroDisney
CanaryWharf
NewsCorp
Apple
eBay
Priceline
Bank of China
a Manhattan-sized real estate devel-opment (27 sq miles)
private Airbus 380
! ....insurance companies, petro,private equity funds, banks, etc.
?
T r a d e s t r e a m i n g . c o m! H o w t o G o L o n g E m e r g i n g M a r k e t s a s a F o r e i g n e r
5
-
8/4/2019 How to Go Long Emerging Markets eBook
7/22
So, how does theworlds 4th richest man
make billions and
manage it with a 4-man
office?
T r a d e s t r e a m i n g . c o m! H o w t o G o L o n g E m e r g i n g M a r k e t s a s a F o r e i g n e r
6
-
8/4/2019 How to Go Long Emerging Markets eBook
8/22
First steps
Tom Russo (of Semper Vic Partners) and others
like him have been investing globally for dec-ades.
The most natural way for investors to access
foreign markets with a value approach is to
mimic these investors activities.
Simply, these global investors identify multinationals doing business over-
seas and invest in the ones with exposure to the markets theyve targeted.
Typically, these types of investments cluster around companies selling re-
tail products, tobacco, alcohol .
These types of firms all tend to be fairly successful with this approach --
they capture emerging market growth and avoid inherent problems be-cause ultimately youre not buying a local Chinese company, youre buying
a German company.
That means we have the rule of law on our side and pretty shareholder-
friendly contract rights
This method allows us to capture economic value because it turns out that
Chinas government is not that concerned with Starbucks operating in their
country.
And this has been a solid strategy for 20 years.
T r a d e s t r e a m i n g . c o m! H o w t o G o L o n g E m e r g i n g M a r k e t s a s a F o r e i g n e r
7
http://www.gurufocus.com/ListGuru.php?GuruName=Tom+Russohttp://www.gurufocus.com/ListGuru.php?GuruName=Tom+Russo -
8/4/2019 How to Go Long Emerging Markets eBook
9/22
2 Ways to Identify Value Multinationals
1) Outsource
1) go-anywhere funds: Invest in someone elses portfolio. While
many of us cant invest in macro hedge funds, scouring the globe
looking for opportunities, we still have options. Called go-
anywhere funds, many mutual funds have loosened the invest-
ment mandates and look very much like hedge funds themselves.
Heres a list of some of the macro mutuals investors like:
NAME TICKER YEAR FOUNDED ASSETS MANAGED
BlackRock Global Alloca-
tion Fund
MDLOX 1989 $53 Billion
FPA Crescent Fund FPACX 1993 $6.5 Billion
Ivy Asset Strategy WASAX 1997 $28 Billion
PIMCO All Asset PASAX 2002 $23 Billion
2) frontier markets: According to asset manager Mike Dever, founderof Brandywine Asset Management in his new book,Jackass Invest!ing, frontier markets (think Vietnam, Pakistan, Jordan) are less corre-
lated to other markets in general (0.69 to developed markets and 0.59
to emerging markets). Compare that to 0.92 correlation developed
and emerging markets have to each other. Dever recommends the
Forward Frontier MarketStrat Fund (FRONX), with a 95% overlapwith the MCSI Frontier Markets.
T r a d e s t r e a m i n g . c o m! H o w t o G o L o n g E m e r g i n g M a r k e t s a s a F o r e i g n e r
8
http://www.jackassinvesting.com/http://www.jackassinvesting.com/http://www.jackassinvesting.com/http://www.jackassinvesting.com/http://www.jackassinvesting.com/ -
8/4/2019 How to Go Long Emerging Markets eBook
10/22
2) Find the hidden gems yourself
1) piggyback the best global investors: using a tool like AlphaClone,
you can monitor what some of the best hedge fund managers are
doing in their portfolios and just ape them. Create a portfolio of the
best of the best. Consider investing in the most popular ADRs
among all hedge funds.
2) use stock screeners: filter out the noise and find those stocks that
fit the same criteria Graham describes himself in Security Analysis.
I suggest:
1) The FTs Global Graham Screener
2) OldSchoolValues many screeners
3) FinVizs all powerful screener
By investing in go-anywhere mutual funds or by picking stocks yourself,
youll be able (in part) to access some of the economic growth happening
all around us. Global rotation ETFs are on the way, as well.
Well see next the drawbacks to this basic strategy.
T r a d e s t r e a m i n g . c o m! H o w t o G o L o n g E m e r g i n g M a r k e t s a s a F o r e i g n e r
9
http://www.bloomberg.com/news/2011-04-28/advisorshares-s-hamman-on-planned-global-rotation-etf-audio.htmlhttp://www.bloomberg.com/news/2011-04-28/advisorshares-s-hamman-on-planned-global-rotation-etf-audio.htmlhttp://www.bloomberg.com/news/2011-04-28/advisorshares-s-hamman-on-planned-global-rotation-etf-audio.htmlhttp://www.finviz.com/http://www.oldschoolvalue.com/stock-screener.phphttp://www.oldschoolvalue.com/stock-screener.phphttp://www.bloomberg.com/news/2011-04-28/advisorshares-s-hamman-on-planned-global-rotation-etf-audio.htmlhttp://www.bloomberg.com/news/2011-04-28/advisorshares-s-hamman-on-planned-global-rotation-etf-audio.htmlhttp://www.finviz.com/http://www.finviz.com/http://www.oldschoolvalue.com/stock-screener.phphttp://www.oldschoolvalue.com/stock-screener.phphttp://markets.ft.com/screener/screenerResults.asp?predefinedScreenName=BenGrahamhttp://markets.ft.com/screener/screenerResults.asp?predefinedScreenName=BenGrahamhttp://www.alphaclone.com/http://www.alphaclone.com/ -
8/4/2019 How to Go Long Emerging Markets eBook
11/22
But somethings smells amiss...
Towson argues that this strategy is conspicuously contorted -- can there be
a more convoluted way, less-direct way to invest in China by investing in aEuropean firm thats active
there??
Its like investing in Texas: I
love Texas, want to invest in it,
and do so by only looking for
Idaho firms operating there.
It makes no sense.
Investing in multinationals to
get emerging market exposure
avoids the fundamental question of how to go long in these markets.
This strategys popularity shows investors are still uncomfortable with this,stretching in Twister-like fashion to get around the problem.
If the world, according to Towson, is multipolar, colliding and over-
whelmingly local, how do increasingly globally active investors engage
with increasingly local businesses?
T r a d e s t r e a m i n g . c o m! H o w t o G o L o n g E m e r g i n g M a r k e t s a s a F o r e i g n e r
10
-
8/4/2019 How to Go Long Emerging Markets eBook
12/22
So many choices
Over long term, how can you call yourself an investor and not buy Chinese
firms?
If China is the #2 economy in the world, you have to get comfortable with
investing there. No?
The beauty of the whole thing is like Warren Buffett says, you dont have to
swing at every pitch. In 2010, the U.S. is in recession, Shenzhen opens its
new stock exchange, catering to small cap and midcap companies.
In its first 6 months of operation, 100 companies went public. Thats not a
typo.
Dont need to swing at all of them.
A sea of companies are emerging in India, Brazil, Middle East. According
to Towson, almost all of them are mispriced.
Nobody talks about efficient markets in Saudi. Prices swing wildly, a veri-
table value investors dream. You just need a strategy and buy a basket of
these firms.
T r a d e s t r e a m i n g . c o m! H o w t o G o L o n g E m e r g i n g M a r k e t s a s a F o r e i g n e r
11
-
8/4/2019 How to Go Long Emerging Markets eBook
13/22
So, how does Waleed begin his approach
Warren Buffett and Prince Waleed are both value investors.
They are both looking for a dollar selling for $.50 which will ultimately
grow to $1.50 in a couple of years.
Similarities end here, though.
Buffet = Americana
Buffett was shaped by the American economy, its developed status -- its
reflected in his strategy. He searches and hunts for value, for Coca Colas
trading at 70% of their intrinsic value.
Hes not worried about getting the opportunity to buy into a company -- he
just buys it. Nor is he worried about retaining his stake, or about other
shareholders or the government degrading his claim to his shares.
He just puts it in portfolio. And hey, American securities law helps here.
Waleeds Turn
Waleed, though, is not concerned about finding value -- the markets he
plays in are massively mispriced. Towson sees pure chaos in China. In
these markets, value investors dont need to look for footnotes on the in-
come statement to show a company is 10% undervalued.
In emerging markets, investors shouldnt be focused on finding value.
Theyre concerned about finding a way to get the company theyre inter-
ested in, in getting someone to sell them part of a closely-held firm.
T r a d e s t r e a m i n g . c o m! H o w t o G o L o n g E m e r g i n g M a r k e t s a s a F o r e i g n e r
12
-
8/4/2019 How to Go Long Emerging Markets eBook
14/22
And then, if they do get it, efforts are made to retaining the minority inves-
tor stake , keeping claim to the asset even though the law wont protect
them.
In emerging markets, the questions are:
I. how do I get the deal
II. how do i secure it?
Waleed looks for situations that offer an opportunity that he can step in as
deal maker to structure a deal that gives him access.
Buffett looks for mispriced companies and buys them.
One takes a deal maker posture, the other is an analyst.
Same but different
Lets say Buffett is interested in buying Coke at 70% off. He buys it, adds it
to his portfolio.
No problem.
Lets say Waleed wants to buy a hotel in Egypt, in Sharm al Sheik. On the
coast. So, Egypt...Its government from top to bottom, really political.
Real estate in these types of economies is commonly tightly held, often the
source of a familys wealth, their lifeline. Or, maybe its owned by a state-controlled conglomerate.
Its hard to get access and if you do, theyre only going to sell you a small
piece of the property (10%). So youre a minority shareholder of a private
T r a d e s t r e a m i n g . c o m! H o w t o G o L o n g E m e r g i n g M a r k e t s a s a F o r e i g n e r
13
-
8/4/2019 How to Go Long Emerging Markets eBook
15/22
company in a no-rule-of-law economy -- otherwise known as sucker at the
table.
Waleed creates value, accessWhat Waleed would do in this scenario is approach the owner of the hotel
and tell him, I dont want 51% of the company. I understand that retaining
control is very important for you and your family. I want 20%. But when I
buy, Im bringing the Four Seasons with me.
T r a d e s t r e a m i n g . c o m! H o w t o G o L o n g E m e r g i n g M a r k e t s a s a F o r e i g n e r
14
-
8/4/2019 How to Go Long Emerging Markets eBook
16/22
And the day we buy it, were going to turn it into a Four Seasons and your
balance sheet is going to get a big bump and at the same time, your income
statement will go up. Well add pure economic value the day we buy it.
Now Waleeds got a deal in Sharm al Sheik (which he did, though not 20%)
and hes secure in his claim (theyre not going to risk losing the 4 Seasons
franchise).
Using All Types of Capital (not just $$)
If Buffett is searching for mispriced value, Waleeds looking for ways to
add value to a partner to ensure he gets access.
Waleed has political access. Towson did deal with Waleed that exemplifys
how Waleed uses political access in his favor.
The Prince proposed building a 1 mile high skyscraper in Jedda. He went
to the King directly, said the city was crumbling and in poor shape. Lets
build this thing to
turn the city
around.
He added so much
value on the deal,
he got a royal de-
cree to build it.
Thats a political
T r a d e s t r e a m i n g . c o m! H o w t o G o L o n g E m e r g i n g M a r k e t s a s a F o r e i g n e r
15
-
8/4/2019 How to Go Long Emerging Markets eBook
17/22
approach.
Towson explains how the rest of us can deal globally:
For guys not like Waleed, I can find a good tech company in Ohio. Its good atdeep sea drilling. Then I can go to Singapore firm and say, let us buy into you.
Well bring you the best technology capabilities -- that will bring so much value to
your company. You dont have to own these capabilities -- you can make a phone
call.
If you start with posture of adding value to partner/company, you can get
access to deals in 1000 ways:
I. reputational capital: bringing a good reputation is important when
partnering with global firms
II. political access: many deals around the world require co-opting the
authorities into the deal. This access is valuable.
III. money: Of course, access to deep pockets can get you a deal almostanywhere.
IV. technology: Different geographies have differing access to cutting-edge
tech. Dont assume foreign firms already have this access.
V. brand capital: Like reputational capital, a global (or parochial) brand
carries sway. Access to brands means access to deals.
VI. foreign customers: No one turns away customers. If you can bring a
foreign firm access to a local market in your geography, thats golden.
T r a d e s t r e a m i n g . c o m! H o w t o G o L o n g E m e r g i n g M a r k e t s a s a F o r e i g n e r
16
-
8/4/2019 How to Go Long Emerging Markets eBook
18/22
If you think about posture and take a 30,000 foot view of emerging econo-
mies, its totally a logical posture to help firms move along the develop-
ment curve, rather than just looking to buy mispriced value
So, in some ways, the successful global investor is a hybrid of different ca-
pabilities: you can equally apply this framework (looking to provide value)
to private equity investors, value investors -- theyre both acting like a next
generation investment banker. In fact, you can even apply this to business
development executives.
Determine which source of capital you can use to secure foreign deals and
get cracking.
T r a d e s t r e a m i n g . c o m! H o w t o G o L o n g E m e r g i n g M a r k e t s a s a F o r e i g n e r
17
-
8/4/2019 How to Go Long Emerging Markets eBook
19/22
Prime destinations
So, where in the world should you look first for deals?
Towson was at conference end of 2010. It was one of many BRIC confer-
ences (Brazil, Russia, India, China) but quickly, it turned into a China con-
ference.
Towson:
Maybe to be a little contrarian -- I said, Why are we thinking about China? Its
overvalued -- whats the urgency to go there? Im more interested in Macau and
Qatar this year than China. Parts of Guangming, western side but Shanghai, Bei-
jing, too much money flooding around there right now.
Towson likes Qatar, saying its a lot like Israel, in that there is natural gas
all over the place. Not only does it have a booming economy but the coun-
try doesnt have that many skills, yet. Theres not a deep bench of man-
agement strength there yet. Towsons friend opened an office in Latin
America and China (called the company, Sino-Latin) and does resource
deals between the two geographies.
You want to hunt for areas where not so many people are looking...Towson
wont do Real Estate in Shanghai or Beijing anymore. He thinks its hyper-
competitive. Hes looking elsewhere.
Like in Macau. Its doing amazingly well. Another Towson friend is doing
early stage investments there and seems to be doing amazingly well.
T r a d e s t r e a m i n g . c o m! H o w t o G o L o n g E m e r g i n g M a r k e t s a s a F o r e i g n e r
18
-
8/4/2019 How to Go Long Emerging Markets eBook
20/22
If youre flying into Bejing to buy China-- thats kind of a fad right now. In
fact, Towson publicly hopes China crashes. He lives there, so hes there/
hes invested, but is reall focused elsewhere.
Towson really likes Saudi Arabia. Everyone talks about Libya/Egypt with
all their political problems, but the net result of all the unrest in Middle
East has bolstered Saudi. Saudi has had its biggest economic boom in 6
years. GDP has gone up 6%.
It turns out when people get nervous about the Middle East, the price of oil
goes up. When Libya tales some of its oil supply offline, only Saudi has thecapacity to step in and produce more. So, oil revenue flooding Saudi.
Last time boom in Saudi of this magnitude was 2005 when its stock market
doubled in 18 months. Boom times there now.
Where to research foreign opportunities
Towson doesnt find the standard value investing thinking all that helpful
when looking at emerging markets. Sure, he still reads all the standards
texts (like Greenblatt and Greenwald), but hes looking to local sources to
size up opportunities.
Local investment research: Towson spends most of his time reading Mid-
dle Eastern reports from local securities firms.
Jadwa: first securities firm in Saudi
Local Newsletters: For Towson, the days of reading the Wall Street Journal
to learn about China are over. This foreign approach is no longer enough
T r a d e s t r e a m i n g . c o m! H o w t o G o L o n g E m e r g i n g M a r k e t s a s a F o r e i g n e r
19
https://tadawul.jadwa.com/etradeweb/en/index.jsphttp://www.amazon.com/gp/entity/Joel-Greenblatt/B000APHNTQ?ie=UTF8&ref_=sr_ntt_srch_lnk_1&qid=1315733232&sr=8-1%23?ie=UTF8&tag=tradestreamin-20&linkCode=ur2&camp=1789&creative=390957http://www.amazon.com/gp/product/0471463396/ref=as_li_ss_tl?ie=UTF8&tag=israelihighte-20&linkCode=as2&camp=217145&creative=399369&creativeASIN=0471463396https://tadawul.jadwa.com/etradeweb/en/index.jsphttps://tadawul.jadwa.com/etradeweb/en/index.jsphttp://www.amazon.com/gp/product/0471463396/ref=as_li_ss_tl?ie=UTF8&tag=israelihighte-20&linkCode=as2&camp=217145&creative=399369&creativeASIN=0471463396http://www.amazon.com/gp/product/0471463396/ref=as_li_ss_tl?ie=UTF8&tag=israelihighte-20&linkCode=as2&camp=217145&creative=399369&creativeASIN=0471463396http://www.amazon.com/gp/entity/Joel-Greenblatt/B000APHNTQ?ie=UTF8&ref_=sr_ntt_srch_lnk_1&qid=1315733232&sr=8-1%23?ie=UTF8&tag=tradestreamin-20&linkCode=ur2&camp=1789&creative=390957http://www.amazon.com/gp/entity/Joel-Greenblatt/B000APHNTQ?ie=UTF8&ref_=sr_ntt_srch_lnk_1&qid=1315733232&sr=8-1%23?ie=UTF8&tag=tradestreamin-20&linkCode=ur2&camp=1789&creative=390957 -
8/4/2019 How to Go Long Emerging Markets eBook
21/22
to invest in China. Investors need to read in the local language. In China,
its almost all Chinese blogs these days.
The days of westerners flying into China with translators and money are
almost over. You almost cant do business in China today without speak-
ing Chinese. You can -- youll just be at a big disadvantage.
Its like trying to do business in the U.S. not speaking English. Its fairly
easy to learn Chinese -- it takes two years. There are plenty of tutors out
there to teach.
Reverse Chinese Merger Fiasco
Weve read a lot recently about Chinese reverse mergers, Chinese stocks
that now trade on U.S. exchanges. A few prominent researchers believe
many of these companies have severely cooked their books.
Look at this fiasco. A lot of this happens because these firms are listed in
the U.S. -- so, their accounting/auditing firms are all here. If they had beenon the ground in China doing typical scuttlebutt-type research, talking to
customers and competitors, they would have picked this up really early on.
Towson accredits the mishap to different geographies, a big language gap,
and cultural differences.
These U.S.-listed Chinese firms werent little frauds, like embellishing their
revenues 20%. Its like they were claiming they had $150M in revenues and
they had $1M. The scale of the fraud is so big, theres something about the
investing process that has clearly broken down. If you were on the ground,
T r a d e s t r e a m i n g . c o m! H o w t o G o L o n g E m e r g i n g M a r k e t s a s a F o r e i g n e r
20
-
8/4/2019 How to Go Long Emerging Markets eBook
22/22
you would have picked this up. You would see that the factories were
empty.
About Tradestreaming
Tradestreaming is where smart investors learn
from experts.
Lead by Zack Miller, Tradestreaming brings tips,
tools and technologies from the smartest people
on the planet to help you become a better inves-
tor.
About Jeffrey Towson
Jeffrey Towson is a specialist in global,
cross-border investing and the author of
What Would Ben Graham Do Now: Rethinking
Value Investing for a Global Age. He has de-
veloped more than $15 billion in invest-
ments across the US, China and the Middle
East. Previously, Towson served as Head of Direct Investments for Middle
East/North Africa for Prince Waleed. Waleed is the worlds 4th richest
person, the largest foreign investor in the U.S., the biggest shareholder of
Citigroup and the worlds second-largest media owner. You can find out
more about him at www.jeffreytowson.com
T r a d e s t r e a m i n g . c o m! H o w t o G o L o n g E m e r g i n g M a r k e t s a s a F o r e i g n e r
21
http://www.amazon.com/gp/product/0132173239/ref=as_li_ss_tl?ie=UTF8&tag=israelihighte-20&linkCode=as2&camp=217145&creative=399373&creativeASIN=0132173239http://www.amazon.com/gp/product/0132173239/ref=as_li_ss_tl?ie=UTF8&tag=israelihighte-20&linkCode=as2&camp=217145&creative=399373&creativeASIN=0132173239http://www.amazon.com/gp/product/0132173239/ref=as_li_ss_tl?ie=UTF8&tag=israelihighte-20&linkCode=as2&camp=217145&creative=399373&creativeASIN=0132173239http://www.amazon.com/gp/product/0132173239/ref=as_li_ss_tl?ie=UTF8&tag=israelihighte-20&linkCode=as2&camp=217145&creative=399373&creativeASIN=0132173239http://www.tradestreaming.com/http://www.jeffreytowson.com/http://www.jeffreytowson.com/http://www.amazon.com/gp/product/0132173239/ref=as_li_ss_tl?ie=UTF8&tag=israelihighte-20&linkCode=as2&camp=217145&creative=399373&creativeASIN=0132173239http://www.amazon.com/gp/product/0132173239/ref=as_li_ss_tl?ie=UTF8&tag=israelihighte-20&linkCode=as2&camp=217145&creative=399373&creativeASIN=0132173239http://www.amazon.com/gp/product/0132173239/ref=as_li_ss_tl?ie=UTF8&tag=israelihighte-20&linkCode=as2&camp=217145&creative=399373&creativeASIN=0132173239http://www.amazon.com/gp/product/0132173239/ref=as_li_ss_tl?ie=UTF8&tag=israelihighte-20&linkCode=as2&camp=217145&creative=399373&creativeASIN=0132173239http://www.tradestreaming.com/http://www.tradestreaming.com/