Most Read: 15 Takes on Latin America

4. Petroleum: There is one gas company in Mexico worth mentioning and it is the omnipresent Petróleos Mexicanos, or PEMEX. The problem is that PEMEX is state-owned. So how can you play petroleum in Latin America? Take a look at Petroleo Brasileiro (PBR) -- also known as Petrobras. The company makes up nearly 25% of the Brazilian ETF's (mentioned above) holdings. For more on Petrobras, read "Cheap Oil-Service Stocks" and "Petrobras' Safety Net Explained."

5. Construction: There was plenty of construction going on in Mexico, including roads, houses, hotels and other major projects. When you think construction you have to think along the lines of metals, mining and equipment stocks. There are many companies to choose from. However, let me give you one with a Latin American flavor: Companhia Vale Do Rio Doce (or simply, Vale) (RIO)

Latin America offers varied investment opportunities, from local stocks to ETFs to U.S. companies doing business abroad. I strongly believe that Latin America is a mutli-year growth story because of its growing economies, weak U.S. Dollar and rich natural resources.

For my clients at LakeView Asset Management, I have allocated approximately 7% of their aggregate stock portfolios to Latin America. It may be about time you look to the South for investment ideas as well.

>To order reprints of this article, click here: Reprints