With the market for small-business capital still tight and the recovery lackluster at best, start-ups looking for capital would be wise to take a page from Joy Berry Enterprises' playbook.
He has built a portfolio with stakes in venture capital funds, real-estate partnerships, emerging market stocks and scores of small, specialized investment outfits.
He thereby acknowledges that at least for economies with small financial sectors floating exchange rates are feasible in the long run only if capital-market integration is slowed down.