Abstract
Foreign investment in the tourist industry is usually thought of as the province of international companies. This study examines investment in tourism by expatriate westerners on Koh Samui, an island in southern Thailand. These small entrepreneurs are shown to be marginal, in many respects, to both Thai society and their own. Nevertheless, they enjoy some local acceptance based upon the interests of those in positions of power. The expatriates must direct their efforts to maintaining the favor of local power and this requirement colors their social interactions and business strategies.