Rather than analyzing emerging markets as a whole before recommending clients invest in them, David Riedel, founder of Riedel Research Group, which specializes in Latin America , Asia and central and eastern Europe, takes a bottom-up approach that goes a step further by analyzing individual companies, Forbes reports.

Working with 31 analysts in 15 countries, Riedel and his team cover 320 stocks, searching for what he describes as “domestically oriented investment ideas,” or companies whose profits are contained within their countries’ borders. As a result, he eschews Mexico, as 87% of its business is linked either to exports to the U.S. or imports from the U.S. “You might as well invest in the U.S.,” Riedel said. “India is the exact opposite. It has a huge population and good, strong domestic companies that produce a lot of value consumed internally. That is the first thing I look at.”

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