Argonautica

Professional investors can review published thought leadership and market updates from the Argonaut Investment Team.

2 posts found for December 2013

‘Christmas Quiz 2013’

With England given a tough draw for the Football World Cup and the Ashes series in Australia not going to plan, we felt a light-hearted Christmas quiz would be just the tonic to lighten the mood (the answers can be found at the end). The team at Argonaut wish you all a Merry Christmas and a Happy New Year. The questions… 1. According to forecasts, world GDP growth is expected to be 3.4% in 2014. This represents an increase of 0.9% from 2013’s expected 2.5% growth rate. However, at 4.1%, the country…

‘Argonauts return to Greece’

The Argonauts have returned to Greece, making our first investments in the country since 2006. Having lost €38bn from Greek government debt restructuring, the Greek banking sector has largely been recapitalised with new equity of €40bn1. This has also resulted in unprecedented large scale consolidation, with the four largest banks (Piraeus, Alpha, Eurobank and National Bank of Greece) now having a market share of 96%2 (compared to 55% pre-crisis)3. Not only do we think that there is an adequate margin…