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Alternative Market Briefing

Current investment opportunities: a view from Zurich

Friday, April 07, 2017

amb
Daniele Scilingo
Benedicte Gravrand, Opalesque Geneva:

According to those who attended the recent Opalesque Zurich Roundtable, investment opportunities can be found in compounding stocks, private debt, trade finance, fixed income arbitrage, merger arbitrage, the dislocation in the repo markets, announced merger arbitrage and global macro. Also, being long volatility should be a good diversifier.

Daniele Scilingo, founder of nanos investment, a start-up, believes in going back to the basics of investing; picking a few stocks with good cash flow generation, holding them in the long-term, and see them compound over 10 to 20 years.

"There is yield around, but it's not in fixed income where you cut your coupon, bring it to the bank and cash in a yearly interest payment," he said. "Yield today is offered in other investments. If you invest in fixed income, the higher the risk, the higher the yield. In equities, it seems counterintuitive, but it's almost the opposite. You go into high quality, well-run companies, their returns are actually higher, the cash flow generation they have is higher, and their ability to grow their dividends is higher than their peers. So you go up the quality scale and you gain by better compounding. Meanwhile in the bond space it's more and more risky, you have to go down the quality or liquidity dimensions to b......................

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