{"id":22804,"date":"2007-09-07T16:51:00","date_gmt":"2007-09-07T16:51:00","guid":{"rendered":"https:\/\/clusterfamilyoffice.com\/blog\/?p=578"},"modified":"2007-09-07T16:51:00","modified_gmt":"2007-09-07T16:51:00","slug":"los-carroneros-tambien-forman-parte-de-la-cadena-alimentaria","status":"publish","type":"post","link":"https:\/\/clusterfamilyoffice.com\/en\/los-carroneros-tambien-forman-parte-de-la-cadena-alimentaria\/","title":{"rendered":"Scavengers are also part of the food chain."},"content":{"rendered":"
A couple of weeks ago, I told you about Buffett and his elephant hunting<\/a>. Today I\u2019m going to talk to you about some others animals<\/span> which receive less favourable press coverage, but are no less important or necessary in the food chain<\/span><\/a> of the Economic System: The Scavengers<\/span>.<\/div>\n
\"\"<\/a>These are the companies and executives who take advantage of other companies\u2019 moments of uncertainty \u2013 and even distress \u2013 to make opportunistic acquisitions. These are undoubtedly rather unsavoury financial transactions, and some are as unethical as the laws of the market themselves. But they are necessary, just as scavengers play a prominent role in the food chain, or scavengers<\/span><\/a>.<\/p>\n

A company in genuine difficulty or already bankrupt must be utilised appropriately by others. Its assets, human resources, tangible fixed assets, goodwill, etc. \u2013 everything must be recycled for the good of the ecosystem. Takeovers and acquisitions of valuable parts of what was once (perhaps just yesterday) a romantic, generational corporate adventure form part of Darwinian natural selection. Life and death in the jungle<\/a> That\u2019s how it is.<\/p>\n

\"\"<\/a>As early as July, the first blatantly obvious investment opportunities began to appear scavengers<\/span>, such as the Distressed Subprime Fund <\/a>Marathon.<\/p>\n

Today we can see plenty of examples of scavengers having a field day, although some prefer to call themselves sharks: Blackstone<\/a>, Citadel<\/a> or Deutsche Bank itself. But not all of them are simply scavengers<\/span> with the the ability to turn a crisis into an opportunity<\/span> but amongst them we also find illustrious visionaries such as Passport Capital LLC, which was already unwinding its subprime positions before the summer, thereby securing substantial capital gains and earning the recognition and admiration of its competitors.<\/p>\n

Elephant hunters, scavengers, sharks, scavengers\u2026 It doesn\u2019t matter who they are or what we call them; they form a vital part of the food chain. So vital, in fact, that I would say they contribute more than almost anyone else to the sustainability of the economic system, or rather, Ecosystem<\/span>. I have the utmost respect for all of them, as they are the best antidote to the effects of the panic and hysteria displayed by some.<\/div>","protected":false},"excerpt":{"rendered":"

Hace un par de semanas ya os habl\u00e9 de Buffett y su cacer\u00eda de elefantes. Hoy os voy a hablar de otros animales con peor prensa pero no por ello menos importantes o necesarios en la cadena alimentaria del Sistema Econ\u00f3mico: Los carro\u00f1eros. Se trata de las empresas y directivos que aprovechan los momentos de […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-22804","post","type-post","status-publish","format-standard","hentry","category-sin-categorizar"],"_links":{"self":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts\/22804","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/comments?post=22804"}],"version-history":[{"count":0,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts\/22804\/revisions"}],"wp:attachment":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/media?parent=22804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/categories?post=22804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/tags?post=22804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}