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

2 posts found for November 2013


With the Greek economy having regained its lost competitiveness upon joining the Euro; its current and fiscal account now in surplus and its government debt restructured; we think the emergence of Greece from recession should soon be officially confirmed. In view of Greece’s position at the epicentre of Eurozone stress, the Grecovery is likely to be the most important European economic and political event of 2014. The Greek economy has had six years of recession, with real GDP having contracted…

‘Is the Bank of Italy really only worth €1.2 bln?’

Unlike the Bank of England (BOE), the Bank of Italy (BoI) is not owned by the state. It is in fact owned by sixty individual financial institutions (primarily banks) who were issued shares back in 1936. Of these the largest shareholders are Intesa Sanpaolo (42.4%) and UniCredit (22.1%). Using their reported carrying values implies that the BoI is worth approximately €1.2 bln1. Can this be right? However not all shareholders report their BoI stake at the same value. Indeed, two of the other top ten…