Mon, May 25, 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. Comment - Top hedge fund managers talk about how easy their jobs have gotten, BlackRock to Schroders warn of Argentina’s $20bn bond glut, The 35-year “investment supercycle” is drawing to a close, says Bill Gross, Gundlach: When the Fed starts hiking rates, 'GET OUT' of this asset class[more]

    Top hedge fund managers talk about how easy their jobs have gotten From Businessinsider.com.au: Time was, before the financial crisis hit, corporate boards treated multi-billion dollar hedge fund managers like Jehovah’s Witnesses pounding on their doors and flashing bibles. But no more.

  2. T Rowe's challenge to Dell deal may fuel critics of 'appraisal'[more]

    From Reuters.com: An increasingly popular tactic used by hedge funds and others to extract more money from buyouts could soon face a major courtroom test when a big investor in Dell Inc may argue that it should be paid a higher price for the 2013 acquisition of the PC maker. The strategy, known as "

  3. News Briefs - Ergen says LightSquared plan unfairly favors hedge funds, Why hedge fund managers make good advisory clients, I learned a lot about dad-bros after spending 4 days in Vegas with 2,000 hedge funders[more]

    Ergen says LightSquared plan unfairly favors hedge funds LightSquared Inc.’s bankruptcy plan gives hedge funds that invested in the broadband company a leg up while blocking telecommunications firms from competing with it, a fund owned by Dish Network Corp. Chairman Charles Ergen said in

  4. Opalesque Exclusive: SEC approves proposed changes to Form ADV, '40 Act - comment period to follow[more]

    Bailey McCann, Opalesque New York: Hedge funds and providers of liquid alternatives will want to pay close attention to proposed reforms approved by the SEC yesterday. The changes will require more frequent reporting, as well as a closer look into social media, liquid alternative strategies, and

  5. New market regime has created more dispersion between managers[more]

    Komfie Manalo, Opalesque Asia: The month of April has marked the transition toward a new market regime, Philippe Ferreira, Lyxor AM’s head of research, managed account platform, commented in the May 5's Weekly Briefing. "The first quart

 

banner