Frontier markets: Worth the gamble?

The Holy Grail for investors is to be among the first to identify a long-term investment trend and get in on the ground floor. A quarter of a century ago, that opportunity was in emerging markets. It saw countries liberalise their economies and embrace the benefits of globalisation, sparking tremendous growth rates as millions entered the middle classes. With access to new sources of foreign capital, domestic entrepreneurs were able to create a new generation of companies, some adapting Western products and practices to meet the demands of their underpenetrated home markets. Early invest...