Monday, August 20, 2007
To make money, you have to accept risk
And risk is probably the biggest commodity available on the Iraq Stock Exchange in Baghdad.
Despite the war-torn backdrop and a Stone Age trading system, Taha Abdulsalam, the CEO of the fledgling Iraq Stock Exchange, thinks investors shouldn't hesitate to dish out their dough - in dinars, preferably - to buy shares from the Baghdad-based market.With the American markets going down the poop chute, this could be a golden opportunity to make Big Dinars real quick. And five years after the ideologically pure CPA brats came over to set it up, the Great White Father will be setting them up with computers.
Since the stock exchange opened up to foreign investors earlier this month, Abdulsalam has been making his sales pitch in e-mails, phone calls and media interviews:
"Yes, there are many dangers in Iraq. Yes, there are many things you must accept. We have terrorists, we have political problems - any kind of problem you see in the world, yes, we have it," Abdulsalam said one recent morning. He was sitting behind his desk and smoking a cigarette while brokers clamored in the tiled lobby downstairs that serves as the market floor.
"But you must accept that risk because the prices are very low and there is an opportunity for you to be a great investor in Iraq in the future."
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