Emerging markets present tremendous opportunities for investors. However, existing valuation methods are not appropriate tools for studying emerging markets, that are characterized by a number of positive (e.g. high returns, large share of foreign speculative capital) and negative (e.g. political instability, high profit taxes) features not found in developed markets. Mr. Yalov s objective is to adapt the existing methodology of valuation to the reality of emerging markets. He claims that some methods, such as the forecasted discounted cash flow method, have certain advantages over others.