投資大師羅傑斯給寶貝女兒的12封信 - (三) - 9

When investing widely in a particular nation, begin by checking the strength of the country’s basic institutions. Does it have respect for the rule of law? Does it crack down on corruption? Does the legal system facilitate ethical corporate behavior? You cannot do this by simply reading articles in magazines and newspapers. You must go to the country yourself and see, for example, if there is a currency black market. If one exists, then you know that the country has problems. Black market exchange rates exist only when the government is imposing artificial controls. The difference in parity between the official currency rate and the black market rate indicates the gravity of the problem in that nation. It is symptomatic. The higher the fever, the worse the sickness; in other words, the greater the gap in parity, the deeper the problem.

當要大量投資一個的國家，首先要檢查這國家的基本制度。是否尊重法治？打擊腐敗？是否有法律制度幫忙促進企業道德的行為？你不能只簡單地閱讀文章，雜誌和報紙。你必須親自去這個的國家看看，例如看看這國家如果有貨幣黑市存在。如果存在，那麼你就該知道這國家的問題。黑市匯率的存在，表示政府有實施人工控制。官方貨幣的匯率和黑市匯率差越多，表示問題越嚴重。這是一個症狀。越嚴重的疾病，發的燒越高。也就是說，差距越大，問題越深。