Grupo Televisa SAB ADR

As telecom and media valuations in the U.S. move sharply higher, Mexican firms Grupo Televisa and America Movil trade at a discount.

We still believe this telecom is a means to benefit from economic growth across Latin America.

The sector looks fairly valued overall, but there are still opportunities for selective investors.

There are a few more options with the sector now slightly undervalued, but given recent market volatility, we favor firms with established economic moats.

Large exposures in South Africa, Brazil, and Chile have weighed on the performance of this fund.

In an excerpt from their new book, Morningstar's Heather Brilliant and Elizabeth Collins explore how to identify a moat and how intangible assets can help a firm carve out a sustainable competitive advantage.

Morningstar's Patty Oey and Dan Rohr and Columbia Acorn's Andreas Waldburg-Wolfegg offer best practices for globe-trotting investors who must navigate choppy waters in today's market.

Investment opportunities exist in unloved areas.

Not only does the firm face headwinds in the United States, but we view its push for international expansion as a long-term money loser.

Notes on Global Crossing, Qwest, Intel, Compaq, Inacom, Dell, Gateway, Sears, Freddie Mac, Northwest Airlines, Amazon.com, Bristol-Myers Squibb, Grupo Televisa ADR, and BMC Software.