A Wide World Of Investment

摘要

We set five professional investors to look for investments from around the world that would prove rewarding well into 2004. As these investors metaphorically traversed the globe, certain themes became apparent. The metric of choice for this bunch, who head funds running the gamut from large-cap value to an emerging-markets hedge vehicle, was return on equity―no recently faddish measures like enterprise value to cash flow. They found plenty of opportunities to see profits relative to invested capital, but these were concentrated in a few industries: financials, Pharmaceuticals and, interestingly, technology.