GMO's emerging market high-flyers

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Forget everything you know about investing in emerging markets, because at Boston-based investment firm GMO things work a little differently. Bill Nemerever and Tom Cooper, co-founders and co-managers of GMO's $5 billion emerging markets debt portfolio, don't travel to the countries they invest in. They avoid roadshows. They don't trust local currency bonds, even though most fund managers today think local debt is a hot opportunity.

"Roadshows are not very productive," says Cooper, 50. An avi

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