Video: “Investment Opportunities in China” by Burton Malkiel (includes table-of-contents)

http://www.youtube.com/watch?v=uVcV0H4qtgw

Lecture by Dr. Burton G. Malkiel in 2006 @ Google.
All I can add here is an index of topics, hope it helps.

0:00-1:45 - Introduction, pleasantries…
1:45-9:00 - Investing environment: US vs. China, Gordon model: risk/return
9:00-11:15 - Equity risk premium: US vs. China, premium for US investors
11:15-17:15 - Chinese Economy, risks to the forecasts, answers to the risks
17:15-21:30 - But high economic growth does not imply investment success…
21:30-24:30 - The "pretty girl theory" to explain returns of different share types
24:30-27:20 - Historical valuation relationship, P/E ratios (early-90s - mid-00s)
27:20-31:00 - Current valuations, PEG ratios, US vs. China… "matched pairs"
31:00-33:30 - Currency appreciation, Historical USD vs. "Olympic" countries
33:30-37:45 - Efficient markets vs. China "A-Share" market, serial correlation
37:45-38:20 - Managed funds in China outperform indexes, opposite of US
38:20-39:30 - Chinese "A-Share" closed end funds selling at a 40% discount
39:30-40:50 - Managed funds that can buy ADRs, not as good versus index
40:50-42:20 - Correlation of Chinese A-Shares vs. US stocks: close to zero
42:20-43:05 - Correlation of other Chinese market: more correlated, but low
43:05-45:50 - Risks: macroeconomic, governance, government, volatility…
45:50-48:00 - Managing risk: mix of direct investment & indirect investment
48:00-51:30 - Indirect method: countries (Japan, Hong Kong, Taiwan, etc.)
51:30-53:10 - Another indirect method: natural resources (Oil, Timber, etc)
53:10-55:05 - Third indirect method: US companies (Wal-Mart, Yum, etc.)
55:05-57:30 - Conclusion
57:30-1:00:50 - Questions

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