This post is in continuation of my book review series (see here).
Breakout Nations is written by Ruchir Sharma who is the Head of Emerging Markets, Equity at Morgan Stanley.
The book covers various emerging and frontier economies including China, Brazil,India,Russia,Korea,Mexico, Turkey etc
What I love about the book is that the author gives a historical context to the situation, explains whats going on currently and tells of the possible outcomes for the future.
The book is full of anecdotes and earthy wisdom.One phrase is “Locals are the first to know” i.e. locals know better than foreigners about the local markets/situations etc.
Considering the contrast in the Indian markets right now-local investors are selling and getting out of equity while foreign money is pouring money into the equity markets; “Locals are the first to know” indicates which side of the market will eventually win !!
I would strongly recommend this book to investors with a macro bent of mind.