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One of the consequences of globalization is that investors, analysts and companies can no longer stay focused on just their domestic markets, but have to also understand the risks and opportunities elsewhere in the world. When developed market companies first embarked on the journey of expanding into emerging market growth economies, investors pushed up their stock prices, primarily because of the potential that they saw in these markets for expansion. Over time, though, we have learned that, as with much else in business, this strategy comes with additional risk, not just from changing exchange rates,