CC, In general, I prefer to play the crater countries with discounted CEFs. But these are often not available (craters tend to attract premiums, ala Japan, Indonesia, Russia and Thailand right now).
I also have a problem with ADRs, as, generally, only the best known, largest cos., have them. That leaves you with a lot of phone cos, utilities, not cellular, and other boring firms.
Which firms I like to buy depends upon the country. For example, when Hong Kong is at the bottom, I want the big trading cos. Jardine-Mathisson may be hq'd in Bermuda now, but they are still The Noble House of Hong Kong. In Taiwan, I look for the consumer products and electronics firms, where they are major powers. Russia really has no history upon which to make a good guess. South Africa has to be metals and diamonds. Chile, copper companies would be my first choice, though you can't buy them.
So, I guess I am saying, you have to play to the strength of the individual country. I haven't looked hard in Russia, but they have certain luxury items that folks buy even in bad times. I would look at either the producers of the importers of sables, caviar, diamonds, etc. if any such are public.
MB
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