Travelogue

There is no substitute for being on the ground to assess a company's employees, suppliers, customers, and overall prospects. As a result, international and domestic travel is a critical component of our research. This Travelogue shares snippets from some of these international trips, including our observations about geographic markets, geopolitical dynamics, targeted companies, and other key considerations.

Mexico

Mexico

Our team has visited Mexico more than a dozen times since we first started investigating and then investing in emerging markets in 2005 and 2006.  Our first three sizeable investments in emerging markets were based and primarily operated in the…

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Peru

Peru

We have visited Peru numerous time in recent years to evaluate companies on our watch list and to carefully underwrite two investments we have made in the country: Corporación Lindley and Backus y Johnston.  In addition to a number of management…

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Nigeria

Nigeria

We visited Nigeria because of our desire to better understand the African consumer and because of our particular interest in Nigeria, which the United Nations currently projects will surpass the population of the United States by 2050.  If so, Nigeria…

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Bolivia

Bolivia

We have visited Bolivia on several occasions primarily to underwrite our investment in Coca-Cola Embonor,  About half of Coca-Cola Embonor’s business is in country; the other half of business is in Chile.  (Coca-Cola Embonor controls most Chilean territory outside of…

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Chile

Chile

Santiago is one of our favorite cities in South America, and the place we would most likely choose if we ever had an extended stay on the continent.  The country is modern, and it has benefited tremendously from economic liberalization…

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Ghana

Ghana

Ghana is the second-most populous country in West Africa, after Nigeria. The country was formed in 1957 from the combination of four different territories that had been under European control for several centuries. The country continues to evolve, and its…

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Argentina

Argentina

Argentina is one of our favorite South American countries to visit given its historical influence on the continent, its old European flavor, and the welcoming nature of its people and their Southern (Hemisphere) hospitality.  Argentina was one of the world’s…

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Turkey

Turkey

The economic and political situation in Turkey is clearly messy as the country has moved away from secularism and an autocrat has consolidated power.  While politicians communicate a desire for Turkey to remain business friendly, we believe President Recep Tayyip…

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Iberian Peninsula

Iberian Peninsula

We met with several companies and money managers in Spain and Portugal. Building on prior research trips and work, we were able to improve our valuation estimates for a few outstanding companies, to identify several new companies for further research,…

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South Africa

South Africa

We have an ongoing interest in investment opportunities in Africa as the potential to reach a large, young, and growing population should yield some attractive opportunities over time.  As a starting point for better understanding consumers in Africa, we spent…

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Kenya

Kenya

Kenya’s economy is the largest in eastern and central Africa thanks to productive agriculture and a service industry driven by tourism. Of all the countries in Sub-Saharan Africa that we visited, Kenya has by far the most dynamic and thriving…

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Philippines

Philippines

We visited the Philippines, the ex-Spanish Colony and former U.S. territory, to expand our understanding of the rapid population and economic growth of Southeast Asia.  The country has more than 105 million people and private consumption greater than 70% of…

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Russia

Russia

We traveled to Russia to build a more nuanced understanding of the economic and business landscape in the country and to assess the operations of several local and multinational businesses we follow, including a handful that we could potentially add…

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Indonesia

Indonesia

We traveled to Indonesia to examine a handful of businesses on our watch list.  We are happy to report that we left the country with many more to add.  Indonesia has a population of more than 260 million people, near…

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Greece

Greece

We traveled to Greece in the summer of 2012 because we wanted to be physically present for some time in the country to get a real grasp of what a serious economic depression feels like firsthand.  It was also important…

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Poland

Poland

We had not previously spent meaningful time in Central and Eastern Europe but wanted to expand our circle of competence to more broadly include this part of the world. Two factors that heavily influence the region’s current economic backdrop encouraged…

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England

England

Our experience with England is both broad and deep, as our team has completed a number of extended stays in the country.  Our interests in England are wide-ranging thanks to the size and importance of the country’s capital markets and…

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Cambodia

Cambodia

Phnom Krom is one of the poorest places in Cambodia.  The families in these pictures live along the road leading to Tonlé Sap, which is the largest freshwater lake in South East Asia.  The lake is filled part of the year…

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