If you enjoy our articles, Please Follow Us and visit our website at http://www.relentlessir.comRelentless Investment Research, LLC provides information and independent analysis focused on investing in Latin America and Africa (LatamA). We strive to be a recurring destination for investors who have an interest in these two regions and our main goal is to provide information that is beneficial for formulating investment ideas. Why Latin America and Africa? While these two regions do have some media and analyst coverage, we believe there isn’t enough and that there are some compelling opportunities in these regions for those willing to relentlessly analyze investments from a long-term perspective.Most of the countries in these two regions would be classified as Emerging or Frontier Markets and investments in Latin America and Africa are generally more risky than in developed markets, like the United States and Europe, but there is also a potential of earning higher returns. When investing, one should always look at return in relation to risk. No information should be looked at in isolation. Instead, each piece of info should be gathered and analyzed in a holistic manner. Now going back to the potential additional returns that may be experienced due to the added risk; what this ultimately means, in our opinion (of course), is that an investor may benefit from having part of their portfolio invested in one or both of these regions. It’s also important to point out that countries within each region are not homogeneous. There will be many differences from country to country, as well as from industry to industry, which is why we attempt to go beyond just the headline news and do research about economies, financial strategies, and companies. While it’s important to be aware of current events, we believe that if we only focus on the headlines we are being too near-sighted and not considering the other end of the equation (i.e. long-term, risk versus return, correlation with developed markets, etc.). Relentless IR’s Purpose All investors should be Relentless! We hope that our articles/research make investors think about particular risk vs return characteristics in LatamA. Remember that no one person has all the answers, and with investing, nobody will always be right. So it is important that we thoroughly analyze investment opportunities (do our homework) in an effort to ESTIMATE risk and potential return (gain/loss).When it comes to investing, there are no guarantees that something will or will not happen. Everyone from expert to amateur investor should understand that present values are based on estimates, projections, forecast etc. Investing is one part science and one part art (and it’s probably more art than science). That’s precisely why we won’t say a stock is worth “exactly” x amount of dollars. Instead we will either give our own estimated price ranges or we will attempt to identify important pieces of information that we believe are worth considering when generating an investment idea. In the end, what is ultimately more important than Relentless Investment Research’s opinions (or anybody’s opinions, honestly) is the information that gets analyzed in order to formulate those opinions. It is the communication of this information that we believe best benefit our readers because, lets face it, financial models are imperfect and comparable ratio analysis can be misleading, both of which can cause our (or anyone’s) estimated present values to be flawed as well. Hopefully readers will use our information and opinions in their own analysis and see what differences and similarities there are between our opinions and their own, and how any fundamental differences would affect estimated asset valuations. What Relentless IR Defines as “Latin American Investment Opportunities” We analyze companies with company headquarters in Latin America but that trade on U.S exchanges (i.e. ADRs). These company’s shares may experience more volatility than is typically experienced by U.S. companies. There may be times when the company analyzed only trades on a Latin American stock exchange or European exchange. We will attempt to communicate what exchange the security trades on if it does not trade on a U.S exchange.Note: We currently do not focus on every country in Latin America. There are presently six Latam countries that we focus on. They are Argentina, Brazil, Chile, Columbia, Mexico, and Peru. What Relentless IR Defines as “African Investment Opportunities” We analyze companies doing business in Africa that are listed on African Exchanges (i.e Nigerian Stock Exchange, Johannesburg Stock Exchange, etc.) as well as on U.S exchanges. Extra caution may be needed when considering investments in African stocks because these companies may not have as long of a track-record or may have fewer records of financial statements. Also, these companies may be relatively more volatile. In order for Relentless IR to analyze companies listed on African Exchanges, the company must have financial statements that are available to the public. Extra caution may be needed for some of these companies because there is a possibility that they may not follow GAAP or IFRS accounting rules. While there currently are not many companies headquartered in Africa that trade on U.S exchanges (i.e. NYSE, NASDAQ, etc.), we believe an investor can also get an acceptable level of exposure to African growth by investing in “multinational companies” that have their headquarters outside of Africa as long as at least 20% of their revenue comes from operations in Africa. There are several reasons for this belief: - The company’s cash flows will likely be meaningfully influenced by African Markets which will translate into stock performance that is partially dictated by economic growth rates in Africa - The company will be more likely to participate in any growth from the continent - The company will probably have the “know-how” needed to continue to navigate African Markets With that being said, we will attempt to communicate which exchange the security trades on. Also, there are many countries in Africa (over 50) and some countries are extremely difficult to invest in. Relentless Investment Research’s main focus will be on countries with a functioning stock market.