In this episode, we take a deep dive into emerging market debt with VanEck's Eric Fine. We discuss Eric's unique background that led him to the emerging market space and how that has influenced his approach to it. We then step through emerging market debt step by step and cover the size and composition of the market, the factors that drive its return, the benefits of emerging market debt for a US investor and how Eric thinks about portfolio construction.
00:00 - Intro
02:13 - Eric's background and how he ended up designing weapons systems
06:24 - Espionage, being the son of diplomats and building the first clearing system in Russia
13:44 - The overall emerging market debt landscape
16:23 - The benefits of emerging market debt for the US investor
21:12 - Some of the unique issues in emerging market debt relative to developed markets
23:52 - Currency hedging in emerging market debt investing
25:37 - Eric's initial quantitative screen in his investment process
28:06 - The qualitative portion of Eric's process
30:08 - Sovereign vs. corporate emerging market debt
32:02 - Eric's views on country concentration
36:11 - How Eric thinks about setting the duration of his portfolio
41:12 - The areas Eric currently likes and dislikes
44:28 - The overall growth of emerging markets
46:50 - The current opportunity in emerging markets
53:01 - Political risk in emerging markets
58:41 - The one lesson Eric would teach the average investor
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