Tue, Dec 23, 2014
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. Hong Kong-Shanghai stock link fails to live up to expectation so far[more]

    Komfie Manalo, Opalesque Asia: In a report, Reuters said that demand has been subdued with the bulk of activities coming from short-term speculative investors. Las

  2. Investing - Hedge funds get boost from healthcare in 2014, Paulson & Co takes stake in Salix on heels of inventory issues[more]

    Hedge funds get boost from healthcare in 2014 From Valuewalk.com: The healthcare sector started the year on a turbulent note, as stocks of many major biotechnology companies were battered. However, most of the players in this sector have bounced back. The BarclayHedge Healthcare & Biotec

  3. North America - Why Steve Cohen, Connecticut hedge fund billionaire, gives so much in New York[more]

    From Insidephilantrophy.com: Billionaire Steve Cohen was born in Great Neck, New York before attending Wharton, working on Wall Street and then founding SAC Capital Advisors in Connecticut. Though his company (Point72) and foundation are based in Connecticut, Cohen and Alexandra are deeply connected

  4. Investing - Soros buys a highly speculative biotech in the third quarter[more]

    From Fool.com: …The Soros Fund bought 25,000 shares of the struggling small-cap biopharma Aegerion Pharmaceuticals in the third quarter. For those of you who haven't heard of this name, suffice to say that this was a surprising buy in light of the company's recent problems and poor outlook going for

  5. CFTC Revokes Registrations of Illinois Resident Aleks A. Kins and Chicago-based AlphaMetrix, LLC[more]

    Matthias Knab, Opalesque: The U.S. Commodity Futures Trading Commission (CFTC) today announced that it has revoked the registration of Aleks A. Kins of Chicago, Illinois, as an Associated Person and the registrations of AlphaMetrix, LLC (AlphaMetrix), a Delaware limited liability company with its