European banks’ not so hidden risks

We’ve analysed quite a few European banks over the past 12 months. As yet, none have made it into the International Fund's portfolio, though the hunt continues. The most compelling opportunities we've found are just too small and illiquid, even for us (trading in the hundreds of euros per day). Others are unusual cooperative/for-profit hybrids and we aren't quite sure where the profit penny (or euro cent) drops. Others, the subject of this post, have fairly obvious landmines on their balance sheet. Most obvious are the Western European banks with significant Eastern European operations. We spent quite a bit...

We’ve analysed quite a few European banks over the past 12 months. As yet, none have made it into the International Fund's portfolio, though the hunt continues.

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