By CFA Institute:
By Michael McMillan, CFA
The famed hockey player Wayne Gretzky once said, “A good hockey player plays where the puck is. A great hockey player plays where the puck is going to be.” In this post, I am going to offer a twist on the same idea, which also summarizes the presentation given by Cliff Quisenberry, CFA, at the Investment Opportunities and Risks in Africa conference last fall. That is: “A good investor invests where the alpha is. A great investor invests where the alpha is going to be.”
According to Quisenberry, chief investment officer of Caravan Capital Management and manager of the Emerging Frontiers Fund, frontier markets — especially those in Africa — are where great investors need to be.
Of course, frontier markets can be found in all geographic regions of the world, not just Africa, and Quisenberry made a compelling case for frontier markets in general, though
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