12. A Global Investment Playbook

This book started with a central question: “How do you value-invest long-term in inherently unstable and uncertain environments?” Or alternately, given the rise of such environments and their increasing collision with the West, “What would Ben Graham do now?”

I have asserted that in practice this theoretical question usually boils down to five practical problems: limited access, increased current uncertainties, increased long-term uncertainties, weakened or impractical claims to the enterprise, and foreigner disadvantages. If you can overcome these problems, the circle of attractive value investments expands dramatically, and a host of companies jump from the “too hard” to the “good” bucket. And my best answer ...

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