I like emerging markets bonds which we own through experienced closed-end funds mostly denominated in dollars rather than local currencies.

But the stock markets of developing countries are a potential quagmire, luring in buyers with little knowledge of the risks, but hungry for growth and income the rest of the world has trouble producing. Do you hold your nose and buy China or Russia, or put on a bulletproof vest to buy Indonesia while smoking a toke? Do you get lured into markets marked by serious risks like corrupt Malaysia or coup-prone Thailand? Do you trust your money to Turkey's Erdogan regime? I keep thinking of all those poor folks who bought into Venezuela...

Today's theme is information gaps.

Barely Reporting

*Toray Industries (TRYIF) of Japan reported net profit of ¥29,69 bn, up 10% over last year's Q1. Operating profit rose 11% to ¥ 41 bb, Its revenues came in at ¥478.11 bn, down 4.5%. It forecast full year net profits will be at ¥105 bn for the year to closeMarch 31, 2017. TRYIY does not distribute its earnings releases in English nor does my broker offer them to share holders of the pink sheet-listed ADR. The stock of the specialty chemicals and pharm firm is therefore hard to follow and its good results failed to stop its share price stagnation after the report early last week. It moved from ¥960 to 959.5 in Tokyo

However some ADR owners were buying and the pink sheet share went from $18.60 to $19, which may have been from currency moves. The conglomerate makes carbon fiber parts for Boeing 787s and 777x, and autos in Spartanburg SC. Other businesses include high-performance fibers.

I was able to write up the final FY 2015-6 results in April but now it appears that Toray doesn't want to be covered in English any longer.