Published in Business Week: Don’t Cry for Argentina. The Worst May Be Over
From this article:
Santiago Maggi, chief investment officer at Bulltick Capital Markets, an investment bank that specializes in Latin America, notes that Argentina’s entire publicly traded bank industry, including Banco Macro, Grupo Galicia, and BBVA Banco Francés (BFR), can be had for some $5 billion—a figure that wouldn’t buy you any of the major banks in smaller economies like Peru, Colombia, and Chile. The upshot, predicts Maggi, is that those who invest in listed Argentinian banks could make three to five times their money in the next three to five years. “Argentina,” he says, “is the least crowded trade in the world.” By the time most American fund managers come around to appreciating this, he warns, it will be too late.