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Periscope.

Newsweek International

| April 21, 2003 | Foroohar, Rana; Isikoff, Michael; Ephron, Dan; Campo-Flores, Arian; Peraino, Kevin; Hosenball, Mark; Carmichael, Mary; Hastings, Michael; Piore, Adam; Pepper, Tara; Peyser, Marc | COPYRIGHT 2003 Newsweek, Inc. All rights reserved. Any reuse, distribution or alteration without express written permission of Newsweek is prohibited. For permission: www.newsweek.com. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Investment: Long Shots, Safe Bets?

Since when have countries like Brazil and Russia become a safe investment bet? Since October of last year--that's when global investors, frustrated with tanking stocks and low yields on U.S. and European bonds, began pouring money into emerging-market bonds at the rate of $83 million a week, up --from $11 million per week last year, hitting a record $218 million in the second week of April. Despite their track record of major meltdowns, Brazil, Mexico and Russia continue to attract money, and returns on emerging-market debt are up 21 percent since October.

It seems investors can't figure out where else to make money ...

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