Mon, Jul 6, 2015
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

The Big Picture: Are European problems more political in nature than economic?

Tuesday, October 01, 2013

amb
Gene Salamon
An Opalesque column for global macro investors.

This paper was authored by Gene Salamon, Founder of Three Bridges Capital, an independent investment management firm based in New York City.

In my nearly two decades of investing in Europe I have never seen a more exciting time to be a fundamentally-driven stock picker. The severe de-rating of Europe over the past four years has created an unprecedented opportunity for investors. As the apocalyptic tail risk fears created by macro headlines emanating from the periphery of Europe fade, investors are finally able to look directly at the region’s underlying companies and recognize their healthy profitability and depressed valuation. And, after six years of weak economic and financial data, Europe is finally in recovery mode. Although it will unlikely be a global growth engine any time soon, a stable to gradually improving economy adds further momentum to the potential for fundamental stock picking throughout the region.

How did we get here?

While Greece has been the primary focus of scary European headlines in recent years, the crisis actually began in Dubai. On the 26th of November 2009, Dubai World, the investment vehicle for the Emirate, proposed to delay for six months a payment on $26 billion of debt, raising the risk of the largest government default since the Argentine debt restructuring in 2001. The news spooked markets gl......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: New systematic strategy managed alongside research firm outperforms S&P500[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: An emerging CTA manager explains how he runs his strategy, which is based on an index produced by a research firm. Peter Turk is head of

  2. Opalesque Exclusive: New systematic strategy embraces machine learning[more]

    Benedicte Gravrand, Opalesque Geneva for New Managers: The founder of a New York-based systematic trading firm, which offers a hybrid between alpha strategies and alternative feta at lower fees, describes his approa

  3. Larry Robbins' hedge fund Glenview buys 1m Tenet Healthcare shares[more]

    Komfie Manalo, Opalesque Asia: Glenview Capital Management said it bought an additional 979,482 shares at Tenet Healthcare Corp valued at $53.80 million, raising its stakes in the healthcare services company to 15.16%, reported

  4. Legal - Grayson’s hedge funds under scrutiny for possible ethics violations, Court rejects hedge fund’s motion to block merger of Samsung affiliates[more]

    Grayson’s hedge funds under scrutiny for possible ethics violations From Freebeacon.com: Rep. Alan Grayson is finding himself in hot water over managing hedge funds that bear his name, actions that are in possible violation of House ethics rules. Sitting members of Congress are prohibite

  5. Hedge funds decline in June as stocks tumble on Greek woes[more]

    From Bloomberg.com: Hedge funds posted losses across strategies last month as uncertainty over whether Greece will remain in the euro sent global stock markets tumbling. Winton Capital Management declined about 3.1 percent in June in its $12.1 billion Winton Futures Fund, leaving it down 1.9 percent

 

banner