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Caiman Valores  

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  • Spain's Economic Turmoil Camouflages BBVA's True Potential [View article]
    adrien thank you for the feedback. I wasn't aware of the information requested by the comments box, apologies for my ignorance. I wrote this article off the back of my last article on Banco Santander. I have a very favorable view of the both STD and BBVA and in light of impending external bailout package http://reut.rs/NjLePJ we seem to finally be seeing some light at the end of the tunnel. I am finding it very difficult to determine which is the superior investment opportunity between Banco Santander and BBVA as they fundamentally share many things that set them apart from the other Spanish banks while having their own strengths and weaknesses.
    Jun 7, 2012. 08:21 AM | Likes Like |Link to Comment
  • Spain's Economic Turmoil Camouflages BBVA's True Potential [View article]
    Apologies Joe but I don't understand your comment? As stated the error has been rectified and thank you for bringing it to my attention. I only asked whether you wished to comment on any other aspect of the article. I certainly wasn't asking you to divulge any personal information and I am not sure how my comment could be interpreted as such. Again apologies if it was interpreted otherwise.
    Jun 6, 2012. 11:57 PM | 1 Like Like |Link to Comment
  • Nokia: Bonds Holding Firm [View article]
    Mike great article, I always enjoy your articles as they are concise, capture the key elements of your argument and offer actionable advice at the end.
    Jun 6, 2012. 10:34 PM | Likes Like |Link to Comment
  • Spain's Economic Turmoil Camouflages BBVA's True Potential [View article]
    Mike once again thanks for the positive comments. It wasn't the easiest article to write and is a little long winded for my liking but it was hard to make a solid case without going to such lengths. It will be interesting to see how STD and BBVA perform given the latest news on the German rescue package for Spain.
    Jun 6, 2012. 10:23 PM | 1 Like Like |Link to Comment
  • Spain's Economic Turmoil Camouflages BBVA's True Potential [View article]
    Nawar thank you for the feedback. I am a firm believer in the STD story as well as BBVA. It is my belief that investors are not seeing past the turmoil in Spain and that both are global banks and therefore are lumping them in with the other Spanish banks. It also seems that Germany is putting together a resuce ackage for the Spanish banks http://reut.rs/M8Cjf6, which is good news and should see the situation become a little clearer and hopefully drive up STD's and BBVA's share prices.
    Jun 6, 2012. 08:20 PM | 1 Like Like |Link to Comment
  • Spain's Economic Turmoil Camouflages BBVA's True Potential [View article]
    Joe thank you for your comment, and pointing out the error, a correction will be made. Otherwise any further comments on the merits of the article?
    Jun 6, 2012. 08:17 PM | Likes Like |Link to Comment
  • Banco Santander: Paying The Price For Its Association With Spain [View article]
    Mad Mary they offer you scrip, which is the choice of taking additional shares, in the place of cash. This means you don't have to pay Spanish withholding tax of 21%. You then can take the shares or on sell your rights in the market for cash for a fee. The attachment explains the choices http://bit.ly/K3qKv2.
    Jun 3, 2012. 06:42 PM | 1 Like Like |Link to Comment
  • Banco Santander: Paying The Price For Its Association With Spain [View article]
    ArtfulDodger thanks for the feedback. I am very bullish on Santander. As I have also mentioned BBVA is warming on me as well. Most of the companies I write about I don't invest in myself even if I like them as I like to keep a very concentrated portfolio and they may fall outside of my investment mandate. I also enjoy the intellectual exercise of investigating and analyzing companies that I find unappealing or fall outside of my investment comfort zone. I also take a different view to you on the author holding a position in the stock they are writing about as in my previous career in investment management I found quite a few research houses were accepting payment from brokers to write about and pump up stocks on the brokers books so the broker could exit the position. In the past I have also found this quite a common phenomenon among brokers releasing information and reports on stocks that they hold. I have also seen third party writers contracted by a company, investment manager or brokerage to write incredibly positive articles about stocks which are then posted in various internet forums in an effort to lift the price prior to selling the position. I also understand your view as I have seen a lot of articles written by armchair amateurs who have no 'skin in the game' yet they will write an article selling the virtues of a particular stock. I guess what I am trying to say is I enjoy the independence I have and appreciate it when people recognize that but independence can be very difficult to maintain and a writers/analysts outlook for a particular company is obviously colored by their relationship with the company.
    Jun 1, 2012. 09:38 PM | Likes Like |Link to Comment
  • Banco Santander: Paying The Price For Its Association With Spain [View article]
    Ducaticores thank you for the feedback. Look forward to more comments.
    Jun 1, 2012. 08:45 PM | Likes Like |Link to Comment
  • Banco Santander: Paying The Price For Its Association With Spain [View article]
    Pepe thank you for the information and I will have a further look. Interestingly I looked into this and the general consensus was that it didn't present as a problem.
    Jun 1, 2012. 08:34 PM | Likes Like |Link to Comment
  • Banco Santander: Paying The Price For Its Association With Spain [View article]
    DeepValueLover, I must admit that is a concern that we both share, throughout the sovereign debt crisis and now particularly with Spain there has been a lack of leadership, which has only exacerbated the impacts.
    Jun 1, 2012. 08:32 PM | 1 Like Like |Link to Comment
  • Banco Santander: Paying The Price For Its Association With Spain [View article]
    Hi avidd, I am working on the BBVA analysis now and it does seem that in many ways they are in a stronger position than STD, with higher liquidity and but marginally lower core capital. But as you pointed out they are far more dependent upon Spain. Looking forward to your comments when it is published.
    Jun 1, 2012. 08:30 PM | 2 Likes Like |Link to Comment
  • Banco Santander: Paying The Price For Its Association With Spain [View article]
    Pepe thank you for the link I have read that post previously and again the blogosphere seems to be somewhat wanting in presenting hard evidence. Santander have provisioned in accordance with the Banco de Espanana and ECB requirements, hence the increase in provisions and capital. As for the Emisora issue that you raise I have taken a thorough review of Santander's accounts and financial undertakings prior to writing the article and I was not able to identify the 7 billion euro funding hole that you refer to. Obviously though I am reliant upon publicly available information so if your able to shed more light on this matter for myself and my readers it would be appreciated.
    Jun 1, 2012. 09:54 AM | Likes Like |Link to Comment
  • Banco Santander: Paying The Price For Its Association With Spain [View article]
    DAC11 thankyou for the feedback, very valid point. I understand Santander's tactical reasons for maintaining the dividend but at this time a 50% cut would be work quite well especially if this draws out any longer.
    Jun 1, 2012. 09:18 AM | Likes Like |Link to Comment
  • Banco Santander: Paying The Price For Its Association With Spain [View article]
    Pepe I'm not misinterpreting your comment, I am acting on your statement and the facts presented, check the link and you'll see there has already been one case heard, which is why there are law firms trying to organize a class action. Whether it gets off the ground is another matter and then there are still a multitude of steps it has to go through before it reaches court let alone landing Santander with a billion dollar judgement. Apologies for being a little blunt but this is what I used to do and I find the sensationalism attached to these matters and the publicity that precedes them somewhat sensationalistic.
    Jun 1, 2012. 09:15 AM | 2 Likes Like |Link to Comment
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