{"id":4190,"date":"2016-07-25T11:47:35","date_gmt":"2016-07-25T09:47:35","guid":{"rendered":"https:\/\/clusterfamilyoffice.com\/blog\/?p=4190"},"modified":"2016-07-25T11:47:35","modified_gmt":"2016-07-25T09:47:35","slug":"deutsche-bank-the-big-short","status":"publish","type":"post","link":"https:\/\/clusterfamilyoffice.com\/en\/deutsche-bank-the-big-short\/","title":{"rendered":"Deutsche Bank: The Big Short."},"content":{"rendered":"

\"la-alerta-roja-por-deutsche-bank-apunta-a-un-colapso-europeo-tipo-lehman-brothers\"<\/a><\/p>\n

Edward Misrahi, manager of Ronit Capital<\/a>, ex-partner at Goldman Sachs and Eton Park<\/a>, recently stated in an interview with Businessinsider.com<\/a> that his number 1 choice to hedge a portfolio against a generalised fall in the markets would be Deutsche Bank shares. He warns that any European bank has a very uncertain outlook, whether it is Portuguese, Italian or British, affected by Brexit. But his preferred insurance policy in the event of a tail-risk would be to sell the shares of this German bank, for which he predicts a forthcoming nationalisation as the only way out to avoid a general banking collapse.<\/p>\n

Misrahi believes it is incredible that, even today, one can still buy out-of-the-money put options, when it is abundantly clear that the German banking giant is teetering. He says he finds them extraordinarily cheap \u2013 a ridiculous price given the dire state of DB\u2019s finances and balance sheet. He predicts that these prices will not last for long, and that the banking earthquake could spread like wildfire. Nor is he any more optimistic when asked about the situation in the Italian banking sector, which he describes as \u00abutter nonsense\u00bb.<\/p>\n

Misrahi is an investment manager whose view of the markets and the world of investment could be summarised as follows: Investing is a science. It is not simply a matter of reading more books and drawing up spreadsheets. The problem with a good investor is that there is no substitute for them, as experience is personal and non-transferable; and they must think independently and therefore remain largely unaffected by third parties. Over time, investors must develop their own way of doing things that works, which is also difficult to pass on to others.<\/p>\n

Misrahi says, and I quote: \u00abThe essence of the principles of investing remains the same: buy low and sell high. That\u2019s all. The rest is just overcomplication. If something isn\u2019t working, stop doing it. Don\u2019t get tied down by techniques or philosophies; find what works for you.\u00bb<\/p>\n

And he offers some wise advice to younger investors: \u00abFinance is a field where you can succeed quickly and at a very young age. And that can lead you to believe, wrongly, that you have to live and work at a fast pace. That\u2019s not true. Think like a surgeon. You must train yourself, be patient, and learn. That takes time; don\u2019t be impatient. Don\u2019t ask yourself if you\u2019re good, because the most important thing is to ask yourself who you should work with to learn more. Your mentors over time are the key.\u201d.<\/div>\n
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Misrahi is a lover of unconventional and independent thinking. And perhaps because of his obsession with avoiding the influence of the consensus, he comes to the conclusion that the benchmark bank of Europe\u2019s benchmark economy is on the brink of collapse, following a share price trajectory similar to that of Lehman Brothers shortly before its collapse. For him, Deutsche Bank is his \u2018Big Short\u2019. And if that catastrophic scenario for European banking were to become a reality, the process of the collapse of A two-speed Europe, with a core Franco-German bloc<\/a> <\/strong>could be brought forward. Not to mention the recent and constant attacks, or the radicalisation of Turkey, which may also hasten the decision to fortify this European \u2018hard core\u2019 sooner than had probably already been secretly planned.<\/div>\n
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Edward Misrahi, gestor de Ronit Capital, ex-partner de Goldman Sachs y Eton\u00a0Park, ha declarado recientemente en una entrevista a Businessinsider.com que su opci\u00f3n n\u00famero 1 para cubrir una cartera ante una ca\u00edda generalizada de los Mercados ser\u00eda la acci\u00f3n de Deutsche Bank. Advierte que cualquier banco europeo tiene un horizonte muy incierto, bien sea portugu\u00e9s, […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38,51,45,41,42,39,40],"tags":[],"class_list":["post-4190","post","type-post","status-publish","format-standard","hentry","category-actualidad","category-banca","category-asesoramiento-deportistas-artistas","category-economia-y-finanzas","category-estrategia","category-crear-mi-propio-family-offices","category-gestion-financiera"],"_links":{"self":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts\/4190","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=4190"}],"version-history":[{"count":0,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts\/4190\/revisions"}],"wp:attachment":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/media?parent=4190"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/categories?post=4190"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/tags?post=4190"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}