2. Rethinking Value in a Global Age

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 five 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 ...

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