tailieunhanh - A New Value Investing Playbook for a Global Age by Jeffrey Alan Towson_11

Tham khảo tài liệu 'a new value investing playbook for a global age by jeffrey alan towson_11', tài chính - ngân hàng, tài chính doanh nghiệp phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 256 What Would Ben Graham Do Now resource deals. The consumption of Chinese natural resources is surging and this is driving resource acquisitions in Latin America among other places. This is the type of very big and very awkward cross-border deal situation we look for. How often do you see a trend like Figure within a developed economy Sources UN Comtrade SinoLatin Capital Figure Chinafe percentage share of world commodity usage Cross-border activity between China and Latin America both M A and direct investments is as awkward and uncomfortable as you can imagineVirtually no Chinese managers and professionals have experience in Latin America or speak Spanish and vice versa. There is a knowledge gap a cultural gap a language gap a politico-economic gap and a comfort gap. Itè the kind of situation that gets the value crowd excited. SinoLatinồ approach is to capture the difference between the intrinsic value of mines and other Latin American resource assets and their value to knowledgeable Chinese buyers an emerging markets version of Mario Gabbelli . Deal structures are based on providing reputable capital to overcome the lack of comfort and knowledge and surgical management. As a trusted third party with 12 A global Investment Playbook 257 respected management they can purchase such assets restructure them and then sell them to Chinese state-owned enterprises SOEs . With the right price it is really pretty difficult to lose money in this sort of situation. One cautionary note regarding avoided deals cross-border orphans or others is that the business strategy has to be compelling enough to overcome the difficulty in getting the deals done. The awkwardness is an opportunity to get a good price but it also means that the parties are not terribly comfortable doing deals together. Is the business strategy and the investor reputation strong enough to get such people to actually sign Or will they just meet and drink tea for 6 months The reason awkward China- .

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