Most Read: 15 Takes on Latin America

In May, my wife and I took a vacation to Ixtapa, Mexico. This week, I was on Fox Business Network's "Happy Hour" show to explain my "BrISK" -- Brazil, Israel, South Korea -- investment theme.

Now, inspired by my trip and television appearance, let's follow up on my guide to international investing and begin to explore specific investment opportunities outside the United States.

The first leg of our journey will be Latin America.

Five Countries to Focus On

Before you even begin to look at an area as diverse and rich as Latin America, you should get a little acquainted with the region.

Latin America runs from Mexico in the North to Chile and Argentina in the South. The languages spoken are both Spanish and Portuguese. And while technically, Cuba and Puerto Rico are included in Latin America, they will be excluded from this discussion.

TheStreet.com TV: U.S. Recession Great for Latin America

Simon Constable revisits the 'locomotive theory' to explain what effect a U.S. slowdown will have on the rest of the world.

Plus, don't miss these Latin America-focused videos on TheStreet.com TV: China Watch: Brazil's One Way In (Jun. 18), China Watch: Make Way for Latin America (Jun. 13), South American Internet Stock Sizzles (Apr. 24), Brazilian Stocks Not Slowing Down (Apr. 17) and China Watch: A Sizzling Brazilian Play (Mar. 7).

The countries that offer the best opportunities for investment in Latin America are those with the highest population, most stable governments (which are hard to come by in Latin America), natural resources, free trade agreements and fundamental economic growth. Here are the ones that I would focus on:

1. Brazil: This country is the economic center of Latin America. With a population closing in on 200 million, an excellent energy policy, strong banking system and deep mineral resources, Brazil is a magnet for foreign capital.

2. Mexico: With nearly 110 million residents, Mexico is a unique bridge between North America and Latin America. A strong free trade agreement, a now stable currency (the same could not be said 15 years ago) and as one of the largest petroleum exporting nations, Mexico offers excellent investment opportunities. Mexico is home to Carlos Slim, the world's second richest individual who did for Groupo Carso what Warren Buffet did for Berkshire Hathaway (BRK.A Quote - Cramer on BRK.A - Stock Picks).

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