Monthly Archives: July 2015

Poll Result: “Is Italy is the next domino to fall in the Eurozone?”

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In our last newsletter Jonathan Rochefort of Narrow Road Capital predicted that Italy is the next domino to fall in the Eurozone.

We asked you – our readers – whether you agree with this bold statement.

The opinions were divided as one might expect with a topic as controversial as whether Italy will default or not in the foreseeable future.

In the end the majority voted that they disagree that “Italy is the next domino to fall in the Eurozone”.

Poll Result 2017:07
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Manager Spotlight July 2015

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Pedro de NoronhaPedro de Noronha
Founder & Portfolio Manager,
Noster Capital

AuM: USD 47 million
Strategy: Global Value

Sport: Surfing
City: Lisbon
Restaurant: Oliveto (London)
Book: The surrender experiment (M. A. Singer)
Artist: Elijah Bossenbroek

If you could time travel back to day one of your fund and have 15min with your former self to communicate any lessons you’ve acquired with the intention of saving yourself headaches, what would you tell yourself?
Continuously improve your processes, even (especially) when things are going your way. There is always something that you could be doing better. Read More

Opinion: Italy is the next domino to fall in the Eurozone

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Jonathan RochfordJonathan Rochford
Portfolio Manager,
Narrow Road Capital

In the last six months the inevitability of a haircut on Greek government debt has become obvious with even the IMF putting forward that the current level of debt is unsustainable. Once markets have digested that, the logical question is who will be the next Eurozone nation to default?
Portugal, Ireland, Italy and Spain are the main contenders with each having their own issues that could bring them unstuck. Amongst this group, I’m singling out Italy as the weakest, even though the ten year government bond yields would indicate Italy is the second lowest risk amongst the four. Read More