<br />
THE CASE OF THE<br />
<br />
<br />
Waltzing<br />
Elephant<br />
<br />
Thrid in a series<br />
on BRIC countries<br />
<br />
<br />
India's growth may exceed China's, but investors will need savvy and a long horizon.<br />
(Career prospects for investment professionals, however, are already looking up.)<br />
<br />
<br />
<br />
BY CHRISTOPHER WRIGHT1<br />
<br />
<br />
“The economic potential of India is perhaps unmatched.”<br />
So says Lewis Kaufman, CFA, a managing director at Thorn-<br />
burg Investment Management in Santa Fe, New Mexico, and<br />
portfolio manager of the Thornburg Developing World Fund.<br />
He's not alone in his assessment of India's economy,<br />
which has been growing at an annual rate of nearly 8 percent<br />
since 2009 and may grow even faster in c<a title="January/February 2011 CFA Magazine page 1" href="http://viewer.zmags.com/publication/e8b4df2a?page=1"> M&A among advisory firms </a> M&A among advisory firms <a title="January/February 2011 CFA Magazine page 2" href="http://viewer.zmags.com/publication/e8b4df2a?page=2"> tt SAVE THE DATEheses WALL STREET </a> tt SAVE THE DATEheses WALL STREET <a title="January/February 2011 CFA Magazine page 3" href="http://viewer.zmags.com/publication/e8b4df2a?page=3">January/February 2011COVER STORY32 Bl</a> January/February 2011COVER STORY32 Bl<a title="January/February 2011 CFA Magazine page 4" href="http://viewer.zmags.com/publication/e8b4df2a?page=4">6270DEPARTMENTS4 Letters </a> 6270DEPARTMENTS4 Letters <a title="January/February 2011 CFA Magazine page 5" href="http://viewer.zmags.com/publication/e8b4df2a?page=5">Team with the experts who make yourbusiness need</a> Team with the experts who make yourbusiness need<a title="January/February 2011 CFA Magazine page 6" href="http://viewer.zmags.com/publication/e8b4df2a?page=6">LETTERSValuation: The Illusion of Precision</a> LETTERSValuation: The Illusion of Precision<a title="January/February 2011 CFA Magazine page 7" href="http://viewer.zmags.com/publication/e8b4df2a?page=7">The editor welcomes the views and opin-ions of r</a> The editor welcomes the views and opin-ions of r<a title="January/February 2011 CFA Magazine page 8" href="http://viewer.zmags.com/publication/e8b4df2a?page=8">IN SUMMARYSliding Down the Banister of Life</a> IN SUMMARYSliding Down the Banister of Life<a title="January/February 2011 CFA Magazine page 9" href="http://viewer.zmags.com/publication/e8b4df2a?page=9"></a> <a title="January/February 2011 CFA Magazine page 10" href="http://viewer.zmags.com/publication/e8b4df2a?page=10">In FocusLicensing Is Coming: Are We Ready?</a> In FocusLicensing Is Coming: Are We Ready?<a title="January/February 2011 CFA Magazine page 11" href="http://viewer.zmags.com/publication/e8b4df2a?page=11">Jed Schneider, CIPMExecutive Director, Performan</a> Jed Schneider, CIPMExecutive Director, Performan<a title="January/February 2011 CFA Magazine page 12" href="http://viewer.zmags.com/publication/e8b4df2a?page=12">ViewpointThe Proper Care and Feeding of Great An</a> ViewpointThe Proper Care and Feeding of Great An<a title="January/February 2011 CFA Magazine page 13" href="http://viewer.zmags.com/publication/e8b4df2a?page=13">valuation methodology or valuation multiple super</a> valuation methodology or valuation multiple super<a title="January/February 2011 CFA Magazine page 14" href="http://viewer.zmags.com/publication/e8b4df2a?page=14">For both buy-side and sell-side analysts, as expe</a> For both buy-side and sell-side analysts, as expe<a title="January/February 2011 CFA Magazine page 15" href="http://viewer.zmags.com/publication/e8b4df2a?page=15">ViewpointStaying a Step AheadCan proprietary t</a> ViewpointStaying a Step 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href="http://viewer.zmags.com/publication/e8b4df2a?page=25">EthicsFORUMConducting Issuer-Paid Research</a> EthicsFORUMConducting Issuer-Paid Research<a title="January/February 2011 CFA Magazine page 26" href="http://viewer.zmags.com/publication/e8b4df2a?page=26">Data Forensics ProgramIn the November/December</a> Data Forensics ProgramIn the November/December<a title="January/February 2011 CFA Magazine page 27" href="http://viewer.zmags.com/publication/e8b4df2a?page=27">DISCIPLINARY NOTICES Timed Suspensions</a> DISCIPLINARY NOTICES Timed Suspensions<a title="January/February 2011 CFA Magazine page 28" href="http://viewer.zmags.com/publication/e8b4df2a?page=28">Standards IN PRACTICEEagle EyeA</a> Standards IN PRACTICEEagle EyeA<a title="January/February 2011 CFA Magazine page 29" href="http://viewer.zmags.com/publication/e8b4df2a?page=29">assets, including real estate, cars, yachts, or m</a> assets, including real estate, cars, yachts, or m<a title="January/February 2011 CFA Magazine page 30" href="http://viewer.zmags.com/publication/e8b4df2a?page=30">Standards IN PRACTICEPRACTICEPROFES</a> Standards IN PRACTICEPRACTICEPROFES<a title="January/February 2011 CFA Magazine page 31" href="http://viewer.zmags.com/publication/e8b4df2a?page=31">an account at a recognized financial institution,</a> an account at a recognized financial institution,<a title="January/February 2011 CFA Magazine page 32" href="http://viewer.zmags.com/publication/e8b4df2a?page=32">PrivateCLIENT CORNERTime to Sell?M&A acti</a> PrivateCLIENT CORNERTime to Sell?M&A acti<a title="January/February 2011 CFA Magazine page 33" href="http://viewer.zmags.com/publication/e8b4df2a?page=33">of market volatility and because ofthe challenge</a> of market volatility and because ofthe challenge<a title="January/February 2011 CFA Magazine page 34" href="http://viewer.zmags.com/publication/e8b4df2a?page=34">BLOWINGWarning: Whistleblowing May BeHazardous </a> BLOWINGWarning: Whistleblowing May BeHazardous <a title="January/February 2011 CFA Magazine page 35" href="http://viewer.zmags.com/publication/e8b4df2a?page=35">H ollywood has a fascination with i</a> H ollywood has a fascination with i<a title="January/February 2011 CFA Magazine page 36" href="http://viewer.zmags.com/publication/e8b4df2a?page=36">WHAT MAKES A TRUE CFA CHARTERHOLDER“It's ext</a> WHAT MAKES A TRUE CFA CHARTERHOLDER“It's ext<a title="January/February 2011 CFA Magazine page 37" href="http://viewer.zmags.com/publication/e8b4df2a?page=37">Handbook: How to Be an Effective Resister by Bria</a> Handbook: How to Be an Effective Resister by Bria<a title="January/February 2011 CFA Magazine page 38" href="http://viewer.zmags.com/publication/e8b4df2a?page=38">I reported this activity. I knew I was jeopardizi</a> I reported this activity. I knew I was jeopardizi<a title="January/February 2011 CFA Magazine page 39" href="http://viewer.zmags.com/publication/e8b4df2a?page=39">I lost at least US$3 million or more as well as m</a> I lost at least US$3 million or more as well as m<a title="January/February 2011 CFA Magazine page 40" href="http://viewer.zmags.com/publication/e8b4df2a?page=40">“ A PURE AND TRUELong-Term Investor</a> “ A PURE AND TRUELong-Term Investor<a title="January/February 2011 CFA Magazine page 41" href="http://viewer.zmags.com/publication/e8b4df2a?page=41"> Can you describe these programs?We've </a> Can you describe these programs?We've <a title="January/February 2011 CFA Magazine page 42" href="http://viewer.zmags.com/publication/e8b4df2a?page=42"> How has participation in the CFA Institu</a> How has participation in the CFA Institu<a title="January/February 2011 CFA Magazine page 43" href="http://viewer.zmags.com/publication/e8b4df2a?page=43">and accountability arrangements as well as the pr</a> and accountability arrangements as well as the pr<a title="January/February 2011 CFA Magazine page 44" href="http://viewer.zmags.com/publication/e8b4df2a?page=44">AT YOUR {PUBLIC SERVICEC ALL IT PUBLI</a> AT YOUR {PUBLIC SERVICEC ALL IT PUBLI<a title="January/February 2011 CFA Magazine page 45" href="http://viewer.zmags.com/publication/e8b4df2a?page=45"> A Newly Attentive AudienceGervais says</a> A Newly Attentive AudienceGervais says<a title="January/February 2011 CFA Magazine page 46" href="http://viewer.zmags.com/publication/e8b4df2a?page=46">budget-related work, whether for a government age</a> budget-related work, whether for a government age<a title="January/February 2011 CFA Magazine page 47" href="http://viewer.zmags.com/publication/e8b4df2a?page=47"> One ExampleMost people will find thems</a> One ExampleMost people will find thems<a title="January/February 2011 CFA Magazine page 48" href="http://viewer.zmags.com/publication/e8b4df2a?page=48">A Charterholder Who Madethe TransitionIntervie</a> A Charterholder Who Madethe TransitionIntervie<a title="January/February 2011 CFA Magazine page 49" href="http://viewer.zmags.com/publication/e8b4df2a?page=49"> SAVE THE DATE WALL STREET IS COMING TO Q</a> SAVE THE DATE WALL STREET IS COMING TO Q<a title="January/February 2011 CFA Magazine page 50" href="http://viewer.zmags.com/publication/e8b4df2a?page=50">The Once and FutureINVESTMENTMANAGEMENTIndustr</a> The Once and FutureINVESTMENTMANAGEMENTIndustr<a title="January/February 2011 CFA Magazine page 51" href="http://viewer.zmags.com/publication/e8b4df2a?page=51"> What did you observe in your study </a> What did you observe in your study <a title="January/February 2011 CFA Magazine page 52" href="http://viewer.zmags.com/publication/e8b4df2a?page=52">modeling and risk management skillsand macroecon</a> modeling and risk management skillsand macroecon<a title="January/February 2011 CFA Magazine page 53" href="http://viewer.zmags.com/publication/e8b4df2a?page=53"> What about boutiques?Investors also wa</a> What about boutiques?Investors also wa<a title="January/February 2011 CFA Magazine page 54" href="http://viewer.zmags.com/publication/e8b4df2a?page=54">THE CASE OF THEWaltzingElephantThrid in a s</a> THE CASE OF THEWaltzingElephantThrid in a s<a title="January/February 2011 CFA Magazine page 55" href="http://viewer.zmags.com/publication/e8b4df2a?page=55">government has floated a policy-discussion paper </a> government has floated a policy-discussion paper <a title="January/February 2011 CFA Magazine page 56" href="http://viewer.zmags.com/publication/e8b4df2a?page=56">try's four major airports are cited as examples.</a> try's four major airports are cited as examples.<a title="January/February 2011 CFA Magazine page 57" href="http://viewer.zmags.com/publication/e8b4df2a?page=57">market pricing for multiple buyers. Plans </a> market pricing for multiple buyers. Plans <a title="January/February 2011 CFA Magazine page 58" href="http://viewer.zmags.com/publication/e8b4df2a?page=58"> Downside RisksRecent aggressive enforc</a> Downside RisksRecent aggressive enforc<a title="January/February 2011 CFA Magazine page 59" href="http://viewer.zmags.com/publication/e8b4df2a?page=59">“One has to become `Indian' before looking to</a> “One has to become `Indian' before looking to<a title="January/February 2011 CFA Magazine page 60" href="http://viewer.zmags.com/publication/e8b4df2a?page=60">set of managers to back. “It's difficult to find </a> set of managers to back. “It's difficult to find <a title="January/February 2011 CFA Magazine page 61" href="http://viewer.zmags.com/publication/e8b4df2a?page=61">Asia-PacificFOCUSAsia–Pacific Markets Transfo</a> Asia-PacificFOCUSAsia–Pacific Markets Transfo<a title="January/February 2011 CFA Magazine page 62" href="http://viewer.zmags.com/publication/e8b4df2a?page=62"> CFA InstituteBRIEFSCFA Institute Introduces</a> CFA InstituteBRIEFSCFA Institute Introduces<a title="January/February 2011 CFA Magazine page 63" href="http://viewer.zmags.com/publication/e8b4df2a?page=63">EMEAVOICEEuropean Trends in Jobs, Pay and Em</a> EMEAVOICEEuropean Trends in Jobs, Pay and Em<a title="January/February 2011 CFA Magazine page 64" href="http://viewer.zmags.com/publication/e8b4df2a?page=64"> CFA InstituteBRIEFSGrowing Global IRC Parti</a> CFA InstituteBRIEFSGrowing Global IRC Parti<a title="January/February 2011 CFA Magazine page 65" href="http://viewer.zmags.com/publication/e8b4df2a?page=65">CFA Institute, BloombergCo-Sponsor ESG EventCF</a> CFA Institute, BloombergCo-Sponsor ESG EventCF<a title="January/February 2011 CFA Magazine page 66" href="http://viewer.zmags.com/publication/e8b4df2a?page=66">SocietyBRIEFSA Hot Spot of InterestHow and</a> SocietyBRIEFSA Hot Spot of InterestHow and<a title="January/February 2011 CFA Magazine page 67" href="http://viewer.zmags.com/publication/e8b4df2a?page=67">The CFA Society of Orlando held its financial and</a> The CFA Society of Orlando held its financial and<a title="January/February 2011 CFA Magazine page 68" href="http://viewer.zmags.com/publication/e8b4df2a?page=68">SocietyBRIEFS</a> SocietyBRIEFS<a title="January/February 2011 CFA Magazine page 69" href="http://viewer.zmags.com/publication/e8b4df2a?page=69">SocietyBRIEFSThe CFA Society of Nebraska</a> SocietyBRIEFSThe CFA Society of Nebraska<a title="January/February 2011 CFA Magazine page 70" href="http://viewer.zmags.com/publication/e8b4df2a?page=70">EDUCATION CALENDARASIA PACIFIC7 Jan </a> EDUCATION CALENDARASIA PACIFIC7 Jan <a title="January/February 2011 CFA Magazine page 71" href="http://viewer.zmags.com/publication/e8b4df2a?page=71">Announcingtwo time-saving onlineresearch tools</a> Announcingtwo time-saving onlineresearch tools<a title="January/February 2011 CFA Magazine page 72" href="http://viewer.zmags.com/publication/e8b4df2a?page=72">Chapter 10QE or Not QE?Why is the Federal Rese</a> Chapter 10QE or Not QE?Why is the Federal Rese<a title="January/February 2011 CFA Magazine page 73" href="http://viewer.zmags.com/publication/e8b4df2a?page=73"> But wait a minute! The recession was decla</a> But wait a minute! The recession was decla<a title="January/February 2011 CFA Magazine page 74" href="http://viewer.zmags.com/publication/e8b4df2a?page=74">Chapter 10for the Baltimore Sun.Darrow put Brya</a> Chapter 10for the Baltimore Sun.Darrow put Brya<a title="January/February 2011 CFA Magazine page 75" href="http://viewer.zmags.com/publication/e8b4df2a?page=75">In a competitive environment, career growth requi</a> In a competitive environment, career growth requi<a title="January/February 2011 CFA Magazine page 76" href="http://viewer.zmags.com/publication/e8b4df2a?page=76"> No Matter How You Say It,AFG Speaks Globa</a> No Matter How You Say It,AFG Speaks Globa