The CEO of an Ibex listed company told me this week that “the bad thing will be in March, when we have to go to the US after the presentation of results and we must raise the cross that American investors put us when they see the hammer and sickle appear “. It will take months, to wait and see, to verify that the dilution of the Government that Sánchez de Podemos has done is more connotative than denotative. That the investor yankee Understand that the coalition government does not have uncontrolled elements that stick a lot in the wheel of growth.
The punishment for the Spanish stock market, which in almost four years suffers a delay of almost 20 profitability compared to the European stock exchange, must be justified for the most part to the non-existent expectation of rate hikes in Europe and the creative destruction built by the central banks of which the shareholders of the bank are those who pay much of the exit of the crisis. This is no way that the friends and family you tell them want to understand, not even understand, and hopefully when you explain it they look bad, as abducted by capitalism. Now that a majority of young people do not believe in the system, because he is not able to integrate them, at least I have the defense, as the president of the New York Stock Exchange, Stacey Cun-ningham, that “capitalism is sharing success, companies go public to socialize their growth.”
While these voices of the hammer and sickle dissipate in the Spanish stock market, there are going to be two sectors that will have to be monitored, because they are very susceptible to being put in hand, such as electric and socimis. In the case of the Spanish version of the reits, its shareholder remuneration model can be eroded and in the electric version, how it is remunerated. However, in both cases, I believe that the greatest vertigo that the investor has is the strong increases that these values have had. Entering them in the current prices forces that Buffetterian reflection of what price you pay and value is what you receive, so it is difficult to see if there is much value left to extract.
In the case of the electricity companies, I begin to listen with concern that even the very strong growth of the electric car will not help to reduce the emergence of self-consumption of homes and efficient construction. The commitment to climate change is at the center of a debate that, in my opinion, is very incipient to get into the quotes. But we must look towards France as a pioneer model of everything that is being done. The French are not subject to a tax on self-consumption of solar energy, even in the case of rented photovoltaic installations.