One ingredient in developing an emerging market fund offering, says Luis Maizel, is being a good judge of character.

"I was in Brazil a few years ago and went to a presentation of Eike Batista," recalls Maizel, co-founder and managing director of San Diego-based LM Capital. "He was the wealthiest guy in all of Brazil and the first thing he said was, 'In five years I'm going to be the wealthiest guy in the world.'

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