IN a changing world, speculation and investments must change to stay in tune. As Cervantes wrote, ''Do not look for this year's eggs in last year's nests''. The best performing speculations in the past may not do so well during the balance of 1993. In 1992, the Hongkong and United States stock markets performed poorly in real terms (after inflation). European bonds, in general, were the big winners, although the gains were lost by devaluation in Spain, Sweden and London. My shopping list says: Latin American Emerging Markets are most enticing. About the only two areas of the world not in depression are Southeast Asia and Latin America. My favourite for doubling your money and to continue doubling it is in Venezuelan gold mines. Latin America was in a 100-year, self-inflicted depression caused by military coups, xenophobic policies, foreign exchange controls, lack of property rights and import controls. All that changed - firstly in Chile, with most of Latin America then following its lead by removing trade barriers, exchange controls and bureaucracy. Venezuela was the last to open its market using the Chilean role model. The main thing was it gave foreign companies a guarantee of the right of tenure to business investments. Simultaneously, the US and Canada installed impossible environmental controls and set out to have a mine-free US and Canada. Mines in Venezuela can make a profit with low gold prices because of low costs. My preferred Venezuelan gold stocks are: Golden Star (GSCT), Vancouver Exchange at C$9 (about HK$54.4); Carson Gold (CQB), C$3.55; and Tombstone Exploration, C$2. The Caracas Stock Market only has 100 listings and the stocks are about five on the price earning ratio. I believe once the phenomena of Venezuela is known, the stock prices will rocket. When I was given my first dollar in the early 1920s, I was taught the US dollar was a dollar, sterling was a pound and the German Mark was a bad joke. The hot currencies for 1993 are the Swiss franc, the yen and the French franc. The US dollar, the rouble and the Hongkong dollar are bad jokes. Best precious metals futures are platinum and silver. Blue chip gold mines are excellent in Australia and South Africa. Do not expect gold bullion to go up much. Best US stocks for me are Horsham and Florida East Coast Industries. Otherwise, I'm selling Leap Puts on US stocks. Tokyo stocks will be the world's best speculations. Minorca, listed in London, is the world's best resources stock. Do not forget compound interest, which is the way the truly rich became truly rich. You do not have to be a rocket scientist to find a way to get 10 per cent interest. By the rule of 72, HK$10,000 will double in seven years, quadruple in 14, octuple in 21 and then, when you are not yet middle-aged, you will be able to buy the Comstock Lode and Libya to boot. If you keep it up another seven years, you will be able to buy a football player.