As globalization progresses, the role of "frontier" markets is growing in the world of investing. These are markets in countries not included in the current benchmarks of MSCI EAFE and Emerging Markets. There is strong evidence that investors should open up their horizons to include over 60 small stock markets in frontier countries. They present significant opportunities, are priced attractively, and have low correlations with other markets. Finally, they are home to one billion people who can benefit from our investment in them, while we can benefit from the fruits of their progress.

Mr. Speidell is founding partner, CEO, and chief investment officer of Frontier Market Asset Management — manager of institutional portfolios and the Frontier Market Select Fund, which invests in frontier stock markets around the world (www.frontiermkt.com). Previously, he was executive vice president at Laffer Associates and partner and director of global research and management at Nicholas Applegate.  He spent 11 years as a trustee at Batterymarch Financial Management, where he was a portfolio manager for domestic and international strategies, was responsible for one of the first equity funds in China, and worked on the development of a fund for Russia.