| Jerome Booth | ||||||
The key to investing in emerging markets in central and eastern Europe, as in other emerging markets, is understanding sovereign risk.
The alternative approaches of taking a predominantly (rather than complementary) sector view or bottom-up view are too often followed by a discovery in a crisis that one is, after all, mainly exposed to sovereign risk.
This is especially true the lower down the credit spectrum one invests, though insofar as more stable central European countries have graduated from this situation, so the investment approach can also change to a more typical developed-market approach.
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