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Why bother with direct investment in foreign stocks through foreign exchanges when you can just buy ADRs?

Ed:

A lot of ADR's seem to be very thinly traded. IB also makes it very easy to trade on foreign exchanges. I bought BMW a while ago on the German exchange in Euro's. I haven't paid for the Euro's yet, so it seems like I'm getting a double whammy - I'm long BMW and short Euros. Of course the trick is to know when to cover the Euro short. I have a modest position in Vanguard European Stock Index Fund (VEUSX) and have owned a Vanguard Emerging markets index fund in the past. I'm looking at these two Vanguard ETF's for some emerging market exposure:

FTSE All-World ex-US Small-Cap (VSS) annualized 14.83% since 04/02/2009
FTSE Emerging Markets (VWO) annualized 7.68% since 03/04/2005

John
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