MEKETA INVESTMENT GROUP

Transcription

1 MEKETA INVESTMENT GROUP James E. Meketa Managing Principal / Chief Executive Officer M E K E T A I N V E S T M E N T G R O U P 100 LOWDER B ROOK D RIVE S UITE 1100 W ESTWOOD MA FAX BRICKELL B AY D RIVE S UITE 2000 M IAMI FL FAX ARMADA D RIVE S UITE 110 C ARLSBAD CA FAX

2 Investment Themes Determine Asset Allocation 1950s Blue Chip Stocks 1970s Midcap Stocks 1980s Technology 2

3 Two Dominant Investment Themes 3

4 Developed World Aging Baby Boomers The Rest of the World An Emerging Global Middle Class 4

5 What Does Middle Class Mean? Pets Braces Clean Public Toilets 5

6 Lima, Peru 1989 Shining Path Guerillas Lima, Peru

7 Mongolia 1989 Communist Dictatorship Mongolia

8 Investing in People Population of the World: 7,000,000,000 Population of the United States: 314,000,000 America is the third largest country on the planet The U.S. is only 4.5% of the world s population There are plenty of opportunities to invest in people 8

9 But Are Those Other People Making Money? Gross Domestic Product (GDP) by Region Eurozone United States China Japan South America India $18 Trillion $15 Trillion $7 Trillion $6 Trillion $5 Trillion $2 Trillion U.S. Share of Global GDP: 26%; unchanged since

10 Do They Have Securities We Can Buy? Approximate Public Market Capitalizations United States $16.7 Trillion Eurozone & UK $7.9 Trillion Japan $3.3 Trillion Latin America China $2.1 Trillion $1.9 Trillion The U.S. Market Capitalization in 1992: $4.5 Trillion 10

11 Who Makes Advanced Jet Aircraft? Boeing - US Airbus - Europe Embraer - Brazil 11

12 Who Makes the Most Cellphones? Samsung - Korea Nokia - Finland Apple - U.S. 12

13 Emerging vs. Frontier Emerging China Brazil South Africa Russia Frontier Vietnam Argentina Nigeria Mongolia 13

14 Public Market Funds 235 Emerging Equity Funds = $870 Billion 65 Emerging Debt Funds = $280 Billion 20 Frontier (Equity & Debt) Funds = $4 Billion 14

15 Private Market Funds 250 Private Equity Funds in Emerging (with some Frontier) Approx. 15% of all Private Equity Funds Raised Concentrated in BRICs Brazil, Russia, India, China 15

16 Frontier Private Market Funds Total General Partners Perhaps 5% of All Non-developed Funds $ Amount Rising Rapidly 16

17 How Should Risk Be Controlled? Know Who You Are Dealing With Have a Long Term Plan Diversify 17

18 How Do You Become Familiar with Global Opportunities? Travel Abroad Read Talk 18

19 Americans with Passports Million 4% Million 17% Million 30% 19

20 Contact Information M E K E T A I N V E S T M E N T G R O U P BOSTON MIAMI SAN DIEGO 100 Lowder Brook Drive Suite 1100 Westwood, MA Telephone Number: (781) Fax Number: (781) Brickell Bay Drive Suite 2000 Miami, FL Telephone Number: (305) Fax Number: (305) Armada Drive Suite 110 Carlsbad, CA Telephone Number: (760) Fax Number: (760)