Other equity characteristics. Let's take a look at a few other characteristics that are often used to divide equity Investments. First location now location is relative to the investor. So international investments can be included in a portfolio to provide diversification or growth or an investor can invest domestically of course domestic Investments are investments in the native country of the investor. Foreign or international investments are outside of the country of the investor. With international investing comes additional risks more prominently are FX or exchange rate risks, but there are also political economic and social risk that need to be taken into account. Next equities can be categorized into a stage. They can be investments in developed emerging market economies or frontier economies. Now develop the economies are the most economically advanced economies. They have highly developed capital markets with high levels of liquidity meaningful regulatory bodies large market caps in high levels of per capita income for its residents now emerging markets on the other hand have rapid growth and development, but still low per capita income and less mature capital markets. And lastly frontier markets, which are actually in a subset of emerging markets and they are investments in the youngest countries in the development stage next. Ordinary versus ADR and the key distinction here is whether or not the investor is making a direct or indirect investment with adrs you're making in indirect investment with adrs, you're buying an indirect certificate issued by a US bank here in the US representing a specific number of shares in that foreign stock. You're not actually buying that foreign stock. In ADRs are used because it's a convenient way for foreign shares to trade in the US on us exchanges in US dollars now investment in ordinary shares of our foreign company is a direct investment in that foreign stock and It ultimately needs to be done with a foreign broker in that foreign currency. Now an important distinction to keep in mind is both ADR Investments and ordinary share. Our investments are both exposed to FX fluctuations, even though one transactions being done in US dollars and one is ultimately being done in the foreign currency.