SYLLABUS

INVESTING IN EMERGING MARKETS

Faculty:
Lecturer: Weldon Turner – COO & CCO of Gigawatt Global Cooperatief U.A.
Cell: 054-484 4391
Email: weldont17@gmail.com

TYPE OF COURSE: Lecture

ACADEMIC YEAR: 2022 MODULE: NUMBER OF HOURS:

COURSE DESCRIPTION/OBJECTIVE:

The investment world is continually changing. Public and private capital are looking at emerging markets
differently than they were even five years ago and certainly different after the effects of Covid-19.
Emerging markets are no longer looked upon as a “risk play” or merely a “diversification play” or a
“leveraged play”. Many global investors are looking at emerging markets as long term structural
investment opportunities. Investors believe that these structural changes are being fueled by positive
demographic changes, institutional changes, policy reforms, a decrease in institutional corruption, and
technological changes that has allowed for emerging market citizens to view the world in real time.
In addition, you now have billions of dollars being invested in emerging markets to attenuate the effects
of climate change. This and the reasons above have put an unprecedented focus on emerging markets as
never before.
The purpose of this course is to give the student an overview of emerging markets investing, how cultural
differences matter, how traditional investment tools are used in emerging markets, the importance of due
diligence and how to analyze an opportunity. The course will prepare the student to have a basic
understanding of emerging markets that will allow them to work in or with emerging markets countries.

CLASS ATTENDANCE

 A student who is absent more than 20% of the sessions will not be eligible to complete the
course.  Absenteeism from class sessions will result in a loss of points in the final grade.
TEACHING METHODOLOGY:

The following methods will be used in the course;

 Lectures including class discussion and instructor questions

 Topic discussions
 Student Investment Letter
 Final Exam

LESSON PLAN/SESSIONS:

1. Definitions and characteristics of Emerging Markets

a) Differentiating characteristics of “emerging markets” and “developed markets”
b) Institutions and institutional voids
c) Ethnography: what is it and how is it used.
Required Readings:
All readings will be assigned the week before the class

2. Investment Tools “Now that we know where we are going, how do we get there?”
a) Equities
b) Fixed Income
c) Derivatives
d) ETF’s

3. Investment Tools Continued

a) ADRs/GDRs
b) Long Buying/Short Selling
c) Currencies
d) Direct Investments

4. The Investors “What, How, Now the Who”

a) Hedge Funds
b) Private Equity Funds
c) Venture Capitalist
d) Investment Banks
e) Family Offices
f) Multi-Lateral Institutions

5. Risk Management
a) Identifying Risk
 b) County Risk
c) Macro Risk
d) Risk Mitigation
e) Financial Crisis/Contagion

6. International Compliance
a) Anti-Money Laundering
b) Bribery
c) The Difference between Bribery and Facilitation Payments
d) Foreign Corruption Practices Act
e) U.K. 2010 Bribery Act
f) Due Diligence
g) Internal Controls and Procedures

7. Economics of Emerging and Frontier Markets

An overview of the general economics of emerging and frontier markets with an emphasis on:
a) Inflation
b) Trade Surplus or Deficit
c) Current Account Deficit or Surplus
d) The impact of education
e) Interest Rates
f) Currency Issues

8. Project Finance in Emerging Markets

a) Energy
b) Commodities
c) Renewable Energy
d) Infrastructure Projects
e) Finance Structure
f) Financial Models
In week 9 you will be required to hand in an investment memo

9. Summary Case Study

a) We will walk through an actual project from A-Z
b) Q & A for Exam

Prerequisites: None
Student Obligations/Requirements:
Course readings will be a basis for each class so therefore will be required for class participation. These
readings will be emailed to all students the week before each class. The class will be in a lecture format,
but we will have the pleasure of Socratic Method of give and take.

Components of Final Grade:

 3-page Investor memo-30%
 Class Participation-10%
 Final Exam covering all topics learned during the course-60%

Suggested Readings:

 F.A. Hayak The Road to Serfdom

 The Economist
 The Financial Times
 The BRIC Economies and Beyond Juian Marr & Cherry Reynard
https://books.google.co.il/books?
id=bXNFXxO3Dp0C&pg=PT75&lpg=PT75&dq=commodities+in+emerging+markets&source=
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j4trUoPXMAhXGOBQKHXPrAFU4KBDoAQgxMAQ#v=onepage&q=commodities%20in
%20emerging%20markets&f=false