Re: rate of return on capital

["Charles Jannuzi" <jannuzi@xxxxxxxxxxxxxxxxxxxxxxxxx>]

One reason why some developing countries are reported to offer high rates of
return (in the popular press) is simply outside and inside manipulation of
their equities markets. I've seen this time and again when the venture banks
latch onto a flavor of the month market and hype it. In 1996 I kept getting
phone calls from a bunch in the Philippines with promising market sector and
key company picks. I didn't bite. Up until 1997, wasn't that the Asian
miracle. All that capital getting high rates of return for doing nothing
much of anything.

Charles Jannuzi