For over 21 years, Doug Barnett has been investing in Thailand, achieving a 3111% gain in value (IRR = 18.1%), while, as a comparison, Warren Buffett’s Berkshire Hathaway was up only 1860% (IRR 15.3%) and BANPU, the best performing listed Thai stock, was up only 1090%. Over the same period, Thailand’s SET Index was down 1%. Thailand – as all emerging countries – is volatile. Therefore, Barnett prefers investors who understand the opportunity set and recommends to invest with a multiple-year time horizon. Julian Robertson and George Soros were among his early investors.