One of my favorite on-again-off-again recovery plays is Mittal Steel (NYSE: MT).
I buy the MT ADR there (American Depositary Receipt) because I live in the US.
Am I exposing myself to any extra risk owning the ADR instead of the underlying stock? Has there ever been any sticky issues with ADRs not performing exactly like the underlying stock?
I understand the benefits of ADRs, just wondering if there are downsides.