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Global Investing: The Professionals’ Guide to the World Capital Markets is a 1993 book by Roger G. Ibbotson and Gary P. Brinson. It is best understood today as a historical professional survey of international markets and investment concepts—not as a current guide to market access, costs, regulations, or returns.
What is the book?
Published by McGraw-Hill in 1993, Global Investing: The Professionals’ Guide to the World Capital Markets examines investment opportunities and market conditions across countries. Google Books catalogs an illustrated edition at 339 pages, ISBN 9780070316836; its description says the coverage spans more than 40 countries. WorldCat also records the English-language print book as a 1993 McGraw-Hill publication.
The title is sometimes cataloged in the singular as The Professional’s Guide to the World Capital Markets. The ISBN identifies the edition discussed here. See the Google Books catalog record and WorldCat record.
What does it cover?
The book’s advertised breadth is its defining feature. Its subject matter includes equities, bonds, cash, real estate, gold and silver, other tangible assets, commodities, venture capital, options and futures, currencies, and exchange rates. The catalog descriptions also point to asset allocation and to how investment returns relate to risk, marketability, taxation, and information costs.
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Its treatment of international markets is not limited to securities: the Google Books description also mentions population, production, inflation, wealth measures, and market structure in developed and emerging economies. These are useful lenses for understanding how investors once approached a broad range of markets, but the descriptions do not establish that the book’s framework produces superior returns.
Is it a current guide to global investing?
No. It is a 1990s reference. Its market data and descriptions reflect the period in which it was published; they should not be used as present-day facts about a country’s markets, investment products, trading access, costs, or regulation. A reader using the book now should treat it as a historical snapshot and check current information independently before making an investment decision.
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That distinction matters because international investing is not one route or one risk profile. The U.S. Securities and Exchange Commission’s Investor.gov explains that U.S. investors may gain international exposure through U.S.-registered funds, depositary receipts, foreign stocks traded in the United States, or securities traded only on foreign exchanges. Those routes differ in holdings, disclosure, trading arrangements, and investor protections. The SEC’s International Investing page is a current starting point for understanding these categories.
How can U.S. investors get international exposure?
Investor.gov identifies several common routes. The appropriate choice depends on what a fund or security actually holds and on the costs, trading arrangements, and protections relevant to the investor; no route is universally best.
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1Fix the driver behind crashes, sound loss and screen glitches2Repair Windows errors before they cause bigger problems3Scan for outdated or missing drivers - takes under a minute| Route | What it can provide | What to check |
|---|---|---|
| U.S.-registered mutual funds and ETFs | Exposure through a pooled investment. Investor.gov names global, international, regional or country, and international index funds as categories. | Geographic and issuer exposure, whether U.S. holdings are included, diversification breadth, fund and transaction costs, taxes, and currency exposure. |
| American Depositary Receipts (ADRs) | A way to invest in certain foreign companies through securities traded in the United States. | Company disclosure, trading liquidity, fees or other costs, currency-related effects, and the protections that apply to the specific security. |
| Foreign stocks traded in the United States | Direct exposure to a foreign company through a U.S. trading venue. | Issuer information, trading liquidity and hours, costs, and the security’s particular legal and operational arrangements. |
| Securities traded only on foreign exchanges | Access to securities that may be ordered through a U.S. broker in some cases. | Broker availability, currency conversion, foreign-market trading hours, settlement and custody practices, local disclosure, liquidity, and legal protections. |
These are categories, not recommendations. A fund’s name alone may not tell you whether it includes U.S. assets, concentrates on a region or country, or tracks an index; review its current documents and holdings. For a direct foreign-market security, confirm the broker’s terms and the applicable market arrangements before placing an order.
What risks should investors assess?
International investments can offer diversification and exposure to growth in some foreign economies, but neither benefit is guaranteed. The SEC cautions that foreign and domestic returns may move differently even as global markets are interconnected. Its guidance highlights several risks to examine:
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- Currency: Exchange-rate movements can raise or reduce the return measured in U.S. dollars. As the SEC puts it: “When the exchange rate between the U.S. dollar and the currency of an international investment changes, it can increase or reduce your investment return.”
- Company information: Information may be less available, provided in another language, or presented under different disclosure and accounting practices.
- Costs and taxes: Fund expenses, transaction costs, taxes, and currency-conversion costs may be higher or structured differently.
- Market conditions: Volatility, political, economic, and social events can affect an investment; some markets may also be less liquid or restrict foreign ownership.
- Legal and operational arrangements: Legal remedies may be limited or differ from those in the United States. Trading, settlement, and custody practices can also vary.
- Currency controls: Restrictions on currency conversion or movement can affect access to proceeds.
These are factors to evaluate for a particular investment, not proof that every international investment is unsuitable. The SEC’s Investor Bulletin on International Investing, dated December 8, 2016, discusses these considerations alongside the agency’s current Investor.gov guidance.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Who may find this book useful?
The book may interest readers studying the history of professional investment thinking or looking for a broad introduction to the asset classes and market frictions that shaped global investing in the early 1990s. It is less suitable as a stand-alone reference for a present-day investment decision: readers need current sources for market access, regulations, product details, costs, and risks.
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If locating a copy, search by ISBN 9780070316836 and verify the seller’s listing for format and condition. Catalog records establish the book’s bibliographic identity, not the availability or current price of a particular copy.
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