TheMongolianStock Exchange is not for the fainthearted, but the brave have been rewarded with returns of 121% in 2010 and 58% in 2011, although the index made up of the largest 20 companies has cooled 10% so far in 2012.
When I was invited as a U.S. representative to the Asian Development Bank to speak at the 1991 opening of theMongolianStock Exchange, I expected a frontier adventure, as the country had just broken free from Russia to form a fledgling democracy.