Welcome podcast friends we have a fantastic episode for you today.

Last year we brought listeners the entire volume of the

best investment writing volume three in audio format right here on the

podcast. Listeners loved it so we're running it back again this year,

of the best investment writing volume four.

You'll hear from some of the most respected money managers

and investment researchers from all over the planet.

Hi, this is Alec Lucas.

I work for Morning Star Manager Research Services and I'm going to read a paper entitled

a new perspective on geographical diversification, revenue exposure by region.

It was first published in February 2019

and is a collaborative effort on the part of Morningstar

Manager Research Analysts in the United States,

Europe, and Australia.

Domasal has long been an investor's only way of geographically diversifying a portfolio.

In certain instances this can give a misleading interpretation of the actual diversity of a portfolio.

As the world has grown, so has the reach of large multinational companies.

Now where a company is headquartered can have little bearing on where its underlying revenues come from.

The tobacco company, Philip Morris International, for example, has long been one of the largest stocks in the S&P 500 Index without ever having any US revenues.

Similarly, the pharmaceuticals firm GlaxoSmith Klein is a large fixture in Britain's

Futsi 100 index, but gets minimal revenue from the United Kingdom.

While it might seem obvious that prominent multinationals like Philip Morris and

...