Rethinking Value Investing for a Global Age

Jeffrey Towson

The world’s tallest building is now in Dubai, its largest phone company is in China, and its richest person is in Mexico. The twenty-first century—the first global century—has arrived much faster than anticipated and in a fairly stunning fashion. And it has caught many smart investors flat-footed. Confident, experienced investors and deal-makers have found themselves on rapidly changing and increasingly unfamiliar terrain. Did Macau really surpass Las Vegas in revenues in just 5 years? Is Volkswagen really selling more cars in the BRIC countries (Brazil, Russia, India, and China) than in the United States? Have a million Chinese really moved to Africa to develop natural resources? The new global investment landscape is thrilling but, for many, increasingly uncomfortable.