Category Archives: On the cover

On the cover

Austerity sucks, but default sucks even more: Spain’s risky bet on sovereign bonds

Global Economy, On the cover, Sin categoría, Spain

This article was published in El Confidencial on January 2013.

“Governments truly believe in a better future, that’s why they have spent it already”

The reserve fund of the Social Security in Spain is already up to 90% ‘invested’ in sovereign debt and some argue that it is a good idea to concentrate the vast majority of the resources of these entities on one instrument. Prudent risk management and asset allocation rules are ignored. Continue reading Austerity sucks, but default sucks even more: Spain’s risky bet on sovereign bonds →

Against relativism, Pope Benedict has shown the way

Global Economy, On the cover, Sin categoría

This article was published on The Commentator on February 11th, 2013. Link here.

Pope Benedict XVI surprised everyone this morning announcing he would resign on February 28. “I have come to the certainty that my strengths, due to an advanced age, are no longer suited to an adequate exercise of the Petrine ministry”, he said in a statement published by The Vatican. Continue reading Against relativism, Pope Benedict has shown the way →

Oil & Gas: Looking back at 2012… and a 2013 Outlook

Energy, Global Economy, On the cover, Sin categoría

2012 was a very tough year for global oil & gas, as the group underperformed the MSCI World by 10%. FTSE Oil & Gas was down 12% and SXEP down 4%.Starting with the disastrous performance of the US onshore-levered oil-field services stocks (the group was down 15% from the March peaks), sharp-sell off in US natural gas prices (-36% to the lows of $1.8/mcf only to end the year in the green) to profit-warnings from consensus top picks, we saw it all. Needless to say, dispersion of returns in 2012 was very high. Looking just at the top 25 oil & gas stocks by market capitalisation (>$40bn), which account for 55% of total global oil & gas market cap, performances range from -23% (Petrobras) to +42% (Ecopetrol). Continue reading Oil & Gas: Looking back at 2012… and a 2013 Outlook →