> One example of this was the bet we took on Mexico seven years ago; VCs thought we were nuts because they only followed headlines talking about drug violence a

> One example of this was the bet we took on Mexico seven years ago; VCs thought we were nuts because they only followed headlines talking about drug violence and hadn't kept up on rising household wealth and engineering+design talent. We had very little competition in finding the best deals in the country and those deals are now ripening - one is up 300x. It partially comes from discomfort of operating in foreign markets. Developing countries generally also offer an additional risk premium if you get it right (because there is unnecessary bureaucracy, corruption, etc etc) As an example: I'm European. I think certain countries in Eastern Europe have particular investment opportunities that are super interesting (e.g. Ukraine) but I don't speak much Russian or Ukrainian and I don't fully understand the legal framework. Even with good lawyers it is hard to go into a developing market you aren't at home in and don't understand and invest well.