"For U.S. investors looking to broaden their horizons, closed-end funds offer an easy way to gain exposure to a diverse mix of foreign stocks without venturing beyond U.S.-based stock exchanges.
"Not only that, they often provide access to stocks that don't trade in the U.S. -- including companies that only institutional investors (such as a fund manager) can buy.
"But these funds offer a bonus that mutual funds don't: in some cases you can purchase them at a discount to their net asset value (NAV) -- the underlying value of the fund's portfolio.
"That's because closed-end funds trade on the major stock exchanges, just like stocks. Their prices are determined by investor sentiment and supply and demand, in addition to the value of the investments they hold.
"Led by Brett Diment, the management team at Aberdeen Asset Management -- which specializes in emerging markets -- has assembled a portfolio that exposes investors to some of the fastest-growing economies in the world: Brazil, Mexico, China, India, Turkey, Argentina and Venezuela are among the fund's top holdings.
"In a year wracked by economic uncertainty and stumbling global stock markets, Russia has been an unlikely standout performer," explains global investment expert Nick Vardy.
"Even as China is now down by more than 50%, bad boy Russia's performance has been second only to Brazil this year and it actually has outperformed its BRIC rival by a hair during the past three months.
"Despite Russia's reputation as a country rife with corruption, scant respect for genuine democracy and the Rule of Law, it's always hard to argue with success.
"Scan the Russian press, and it quickly becomes apparent that the contrast between the collective economic mood of Russia and the United States couldn't be sharper. While U.S. drivers cringe at $4 per gallon gas, Russia celebrates high oil prices as the source of its newfound wealth.
"To add insult to injury, the most recent Forbes 400 list confirms that Moscow now boasts more billionaires than New York City.
"The soaring cost of food isn't just hitting families in the US; it's hitting everyone around the world," says Neil George. Here, in Personal Finance, he looks at some agriculture, chemical and seed plays.
"During the past five years, consumer food costs have soared by more than 117%. And that momentum is increasing; in the trailing 12 months alone, prices surged more than 52%.
"The mega-investors aren't waiting around; they're buying into other parts of the ag business-from grain elevators to ag processors and distributors-as a workaround for such potential regulation.
"You shouldn't be sitting on your hands, either. This food trend is going to be here for a while, so you better stake your claim while buyers still outnumber sellers.
"One way to invest in this trend is to step into companies that are serving the ag producers. This means the companies developing and selling engineered seeds, as well as chemicals and fertilizer products needed to not just grow crops but more bountiful and, therefore, more profitable crops.
While some companies may be consolidating, others are reconfiguring and expanding. General Electric Company (NYSE: GE) has acquired a small airplane engine company in the Czech Republic. Selling it's appliance business and adding more to it's portfolio of aircraft and engine capability should be a good move. The Wall Street Journal (subscription required) reported today that GE hopes to improve its competitive position against Pratt & Whitney.
A response from a Pratt & Whitney spokesman played down the increased competition and said that although the company takes this GE move seriously it has a 45-year history producing small engines and holds a solid position in the market place. This type of comment is to be expected and has some validity, but that does not make it good news for P&W.
P&W is a division of another major giant industrial conglomerate United Technologies (NYSE: UTX). Both GE and UTX stocks were up in early morning trading today.
UPDATE: GE closed at $26.91 up $0.40 (1.51%). UTX closed at $61.05 up $1.35 ( 2.26%).
Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm. He writes the columns Chasing Value and Serious Money. Disclosure: I own shares of GE.
"Luxembourg-based ArcelorMittal (NYSE: MT) is the only truly global steel manufacturer, operating in 60 countries on five continents," says Gordon Pape.
In his Internet Wealth Builder, he explains, "Like all steel companies, ArcelorMittal would be temporarily affected by a world recession but as a long-term international growth stock for your portfolio, it should be a winner."
"When you read through MT's 2007 annual report, you are left with the impression of a company with an insatiable appetite for growth. In just one year, MT entered into a joint venture deal for a steel mill in Saudi Arabia and built a new steel service centre in Poland.
"It also completed the acquisition of Sicarsta in Mexico, thereby creating that country's largest steel producer; received mining concessions in Senegal and purchased a 77% stake in a German gas distribution company to add to its regional energy network.
"It also bought a 51% stake in one of Turkey's largest steel companies and a 70% position in an Italian steel distributor; bought 100% of an Estonian steel galvanizing line.
In the United States when one company wants to inflict pain on a competitor it commonly uses the law as its weapon of choice, enlisting an army of lawyers to bludgeon the rival with legal actions. Right or wrong one company can tie the other up in court for years, and if the competitor is smaller and weaker, put it out of business or inflict great hardship.
In Russia, they seem to be skipping the middle man -- not engaging the lawyers, but going straight to the government. According to the most recent issue of Business Week, companies are paying public officials to raid the offices of business rivals and subject them to criminal investigations.
Some 8,000 companies a year are targets of lawsuits or investigations at the behest of rivals seeking to put them out of business or take them over, the Russian Chamber of Commerce & Industry says. Russians call this process reiderstvo, or raiding.
In most cases, the raids are conducted by something similar to our SWAT teams, removing documents and computers and soon after bringing charges of tax evasion, fraud and conspiracy. It is reported that the police, civil servants and court system all play along for a price.
Nevertheless, the advisor explains, "I believe the emergence of Africa is an important development that should be represented in your portfolio." Here he looks at two opportunities in the resource-rich region.
"The richest remaining deposits of natural resources on earth are in Africa. And a resource race is starting as America and China are in a quiet struggle in Africa to secure the resources they must have to keep their industrial economies running.
"Many African resources are untapped because most developers have been unwilling to sink billions of dollars into the region's many unstable countries.
"But with natural resource prices soaring, however, Africa's risks are now worth taking. Since 2006, publicly-listed oil companies have tripled their spending in the region.
"And few investors have yet to realize Africa's potential. However, if mainstream investors discover the region, prices could go up very quickly. Either way, I believe Africa will deliver excellent profits for at least a decade, and probably far longer.
"Beauty is as beauty does, the saying goes, and Avon Products Inc. (NYSE: AVP) has delivered a beautiful earnings report," says Jack Adamo in his industry-leading Insiders Plus. Here's his latest.
"Despite a 14% increase in advertising (or perhaps, because of it) the company delivered EPS up 26%. In North America, the only underperforming region, revenues continued their slow downward slide. But active representatives increased for the first time in ages, which may brighten the future on the company's home turf.
"International sales continued to soar. Latin America was 19% higher in local currencies, and 32% higher after translation into the American Peso, also known as the U.S. Dollar. In Central & Eastern Europe, first-quarter revenue rose 17% (6% in local currency). Revenue in China grew 29% (19% local). Only Japan dragged things down a bit with its 2% gain.
"Emerging markets can dangerous waters for U.S. investors. These markets often have little to no analyst coverage and can be highly inefficient.
"As such, this is an area where expert active management can be well worth the higher price tag. And despite charging 1.55% in annual expenses, the Templeton Emerging Markets Fund certainly falls into that category.
"Given the potential pitfalls, it's reassuring to know that this fund is overseen by Dr. Mark Mobius -- a battle-tested veteran with decades of experience dealing with these uncertain stocks.
"While most funds have no discretion when it comes to making tactical decisions, Mobius and his team have the flexibility to steer clear of troubled regions or sectors -- and overweight those that look particularly promising.
"The ongoing renaissance of Eastern Europe is generating tremendous economic activity, boosting profits for companies across the continent," says Nick Lanyi in High Yield International.
He explains, "As Europe's largest economy, Germany is well positioned to continue benefiting from this growth." And within Germany, his current top pick is Deutsche Telekom (NYSE: DT), which offers a dividend yield of 6.7%.
"German stocks are currently available at historically low valuations. The country's DAX Index is trading at only about 12 times 2008 earnings estimates, with an average dividend yield of 3.4%.
"One of the world's largest telecommunications companies, Deutsche Telekom is much more than the descendant of Germany's monopoly local phone utility. It generates more than half its revenue from outside Germany -- from diversified operations across Europe and in the U.S.
"Outside of Germany, DT garners more growth from its wireless operations in Eastern Europe, the U.K. and the U.S. Most of these operate under the well-known T-Mobile brand. Overall, worldwide wireless activities account for about 55% of the company's revenue.
Now that it is clear that Wal-Mart's (NYSE:WMT) international operations are growing much faster than its US division, the company is searching for new frontiers. Revenue overseas is growing at a rate better than 20%
Wal-Mart has had trouble in some countries. Its operation in Japan continues to loss money and it has pulled out of Korea and Germany.
Now, the world's largest retailer is looking to Russia and eastern Europe for more growth. According to the FT, Wal-Mart "firmly signaled its intention to expand into Russia and eastern Europe, announcing that it had recruited Stephan Fanderl, a German retail executive, to explore opportunities in the region."
It will be at least a couple of years before the market can gauge whether Wal-Mart can have success in the region. It has to compete with other companies like big European retail chain Tesco. The Wal-Mart model clearly does not work in all cultures.
A break-down of Wal-Mat's track record overseas is telling. It problems in Germany, Japan, and Korea have been more than off-set by successes in China and Mexico. To some extent that may mean that countries with lower median incomes are better markets for the company. Russia and Eastern Europe are a mixed bag. Parts of Russia have done very well financially. Eastern Europe is still in a stage of economic development.
Wal-Mart may be expanding outside the US, but its success is hardly assured.
Douglas A. McIntyre is an editor at 247wallst.com.
The advisors explain, "Surveying the horizon of industrial companies, the most promising is Bermuda-based, Ingersoll-Rand (NYSE: IR). This is a stock you want for the next 12 months."
"The stock market is a leading indicator; it starts to decline before the economy slows down, and it starts to advance well before the economy improves. These lags often results in a stock market that starts moving up just when the public becomes 'convinced' that the problems are serious.
"Economic reports are likely to get worse. Housing foreclosures are likely to increase. Many more employees are likely to be let go. These are the perceptions that currently haunt investors.
"However, these are often the very same perceptions that create bottoms in the stock market. It is hard to see how the economy will crawl out of this mess, but eventually it will. The groundwork is now being laid.
"It may seem counter-intuitive, but investors should start planning for the next expansionary cycle. Markets move well ahead of facts, and it's time to invest accordingly. And indeed, industrials have risen in our rankings in recent weeks.
"A global leader of broad-based equipment offerings, Ingersoll-Rand is positioned to capitalize on the next phase of development like no other company in its sector. Here's why.
Two leading global experts have both turned bullish on France's Veolia Environnement (NYSE: VE). Vivian Lewis, in her Global Investing, notes, "Veolia is the way to play the 'water works square' on the monopoly board."
Nicholas Vardy, editor of Global Stock Investor suggests, "The smart money is betting that water may be the 'oil of the 21st century.' And Veolia is my number one way to profit from this global megatrend."
Vivan Lewis says, "We recommend buying French water and sewage conglomerate Veolia at current prices; the stock has been brought down by niggling Euro-concern about its levels of debt. The company is also being penalized for acquisitions.
"Veolia is the former Générale des Eaux, a municipal service firm. This history creates an image problem for VE which is seen as a utility.
"Our main reason for the buy, apart from price, is that this is a fast growing company with good earnings in a hot sector. In 2007, VE had revneues of euros 32.6 bn, up 14% on which its recurring net profit fost 22.5% to euros 933.2 mn. Earnings per share were euros 2.16, up 13.7%.
"Another reason for liking VE is that it is moving into China big-time, with waterworks in Tianshin and Shibai and environmental service in Juijiang. All in all, France still represents 44% of sales and the rest of Europe 36%. VE does about 10% of its business in the U.S. and the Chinese are part of the remainder.
Validea is a fascinating newsletter that assesses stocks based on the known criteria of "legendary" stock investors, such as Warren Buffett and Peter Lynch.
Here, editor John Reese reviews Telefonica (NYSE: TEF) -- a Spain-based telecom firm with operates in Europe and Latin America -- based on the strategy of quantitative analyst James O'Shaughnessy.
"James O'Shaughnessy has noted that 'disciplined implementation of active strategies is the key to performance.' He should know; his study of 44 years of stock market data is one of the most extensive ever of the market.
"The system he devised based on that research produced average back-tested returns of 22% per year for those 44 years. At times like these, it's more important than ever to heed his advice, and keep your emotions in check by focusing on fundamentals.
"Telefonica (NYSE: TEF), based in Madrid, Telefonica is involved in the communications, information, and entertainment arenas in Europe, Africa, and Latin America. The firm has a presence in more than 20 countries and more than 218 million customers.
This post is one of several on business heirs apparent. Let us know in the comments whether you think Charlene de Carvalho-Heineken's heir should take up the reigns of Heineken, and be sure to check out the other heir apparent posts.
It was Charlene de Carvalho-Heineken's father, Alfred "Freddie" Heineken, who built the family business from a small Dutch brewer into Europe's largest brewing empire. A well-known bon vivant, he was friendly with the Dutch royal family, and his sense of humor didn't abandon him even after a three-week kidnapping ordeal in 1983: he claimed that his kidnappers tortured him by making him drink Carlsburg.
On Freddie's death in 2003, his heir apparent and only child, Charlene, became the wealthiest woman in the Netherlands, now worth more than $7 billion. She lives a more low-key life in London with her five children and stock broker, and former Olympic skier, husband. She continues to hold the controlling stake in Heineken, though she hasn't been as involved in the company day-to-day as her father was. She told a family biographer that she intends to keep the business together until her heir apparent, her eldest son, is old enough to take on the mantle.
Now that it is clear that 
This post is one of several on business 
Does GM deserve a taxpayer bailout?
Boeing could lose $3.5 billion per month if machinists strike
Cramer on BloggingStocks: Dell loses its Street cred once again 
