The Risks of Investing in Authoritarian Countries

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I was just hoping you could talk a little bit about these risks and how they can affect companies, investors in practice. The article that I did for Barron's does talk about these types of risks. And I wrote that article after COVID zero and then the protests happened. So it was extremely heartening and encouraging for me to see protests happen without immediate reports of a crackdown on the protesters.

Robert Leonard chats with Perth Tolle. In this episode, they discuss the relationship between Freedom metrics and returns for emerging markets, the four main autocratic risk factors impacting investments in countries under authoritarian rule, and more!

Perth Tolle is the founder of Life + Liberty Indexes and creator of the Freedom 100 EM Index (FRDM index). Prior to forming Life + Liberty Indexes, Perth was a private wealth advisor at Fidelity Investments in Los Angeles and Houston. Prior to Fidelity, Perth lived and worked in Beijing and Hong Kong, where her observations led her to explore the relationship between freedom and markets. Perth is a frequent speaker at investment industry events and provides commentary for various financial media including Barron’s, Bloomberg, Cheddar, CNBC, CNN, Fox Business, Institutional Investor, MarketWatch, Morningstar, and the Wall Street Journal. Perth was named one of the Ten to Watch in 2020 by Wealth Management Magazine and one of the 100 People Transforming Business by Business Insider in 2021.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro.

03:16 - The relationship between Freedom metrics and returns for emerging markets.

09:34 - The four main elements of autocracy risk for investors in countries under authoritarian rule.

28:26 - What characteristics investors should look for in emerging markets?

35:08 - What Perth’s due diligence process looks like for investments?

41:52 - The biggest trends shaping emerging markets over the coming years.

43:48 - The biggest challenges facing emerging markets.

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

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