On the virtues of travel.

Leaders of many big companies already spend a fair amount of time in world capitals. But too many CEOs prefer to stay close to home and allow a vice president to tell them what they need to know about global markets.

That's a mistake, and I've been reminded of just how serious a mistake it is on two trips I've made this year, to China and South Korea. The media doesn't do justice to what's happening in these countries. If you don't have firsthand points of reference or personal relationships, you are at a severe disadvantage.

On China, the pitter-patter has been that the economy is overheating and can't possibly sustain 8 percent growth. But what Chinese officials say, and I find credible, is that China can grow at that rate for 20 years. Just a fraction of China is engaged in the global economy. Entire regions outside of the major cities are not plugged into international trade yet. Plus, the Chinese system continues to evolve, as the old trappings of a centralized system give way to a hybrid model. Decision-making power is devolving, for example, from Beijing to the provinces. State-owned enterprises, the heart of the Communist system, are being sold off.

There are limits to how far the Chinese can go, with no serious legal system and very little transparency. For those reasons, it's risky to invest in one of the new IPOs. But to argue that China is about to go bust is just ridiculous.

Similarly, the headlines out of Korea portray a country in deep political crisis. True, there is sharp disagreement between pro-business moderate forces and more left-leaning elements, including President Roh Moo-hyun.

But what the headlines don't tell you is that top government ministers and corporate leaders are highly educated and quite competent. They really run the country. The chance that they will allow Roh to go off the deep end is quite small.

Smart CEOs understand this. Philips Electronics and LG are investing $21 billion in a new liquid crystal display plant. General Motors is ramping up its Daewoo Motor acquisition. And in the financial sector, Citigroup just bought KorAm Bank. "We are a hot market," Byungchul Yoon, chairman of the Woori Financial Group, the nation's third largest bank, told me over breakfast.

So to be successful, you can't let various filters shape your perceptions. You have to see a market for yourself.

REFLECTING OUR GLOBAL BENT, we sent Contributing Editor Rebecca Fannin to India for this issue. Contributing Editor Igor Reichlin in Berlin wrote a powerful story about Germany. And Cait Murphy, on leave from Fortune, went on safari for us in South Africa.

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For those of you who regard San Francisco as slightly foreign, Russ Mitchell, a veteran of Business Week, U.S. News and Business 2.0, wrote our cover story on health care from the city by the bay.

In other words, we have some of the best talent in the business out there on the front lines to serve you, our readers.