In late December 2010, I sat down for lunch with Lawrence Speidell and Toby Westbrook, the Chief Investment Officer and Fund Advisor, respectively, of Frontier Market Asset Management. Upon walking into their offices in La Jolla, CA, I was greeted by a vast array of pictures from trips that they have made to the many countries they have invested in. As their name implies, they invest in “Frontier Markets.”
Countries that are considered frontier markets are Botswana, Ghana, Kenya, Cote d’Ivoire, Qatar, Bangladesh and Kazakhstan, just to name a few.
Frontier Market Asset Management has a value investing philosophy, so those investors from Graham and Doddsville who are looking for a guide in frontier markets may want to look them up. We discussed some of their theses for different countries, and I found their arguments compelling.
No matter what type of investor you are, though, if you are looking for new ideas or different perspectives on different markets, I recommend reading their Travel Papers, available on their website: http://www.frontiermkt.com/.
All the best,