Pablo Savoldelli: “The international context is favorable and the key is to capitalize on that at the national level”

He director of Wealth in Ualá, Pablo Savoldelli, highlighted the changes in the macroeconomy and called for taking advantage of the international “tailwind” during his participation in the fourth panel of Scope Debate about Finance & Investments in the Milei era, moderated by the editor-in-chief of Buenos Aires Herald, Estefania Pozzo.

Savoldelli highlighted that “There is a change in the macro conditions to be able to make investment decisions, with a different context than what we have been seeing in recent years,” by praising the decisions of the current government.

“We are beginning to see a more stabilized macro, with falling inflation and an inertia that is decelerating, with a calmer dollar, with the State running a little and leaving the banks and private companies. All this generates a different dynamic and opportunities begin to open up for the investor. And obviously the assets are playing a very important role in recent months, which are positive conditions for the market,” he analyzed.

The opportunity to capitalize on the favorable international context

The Ualá representative valued that “The international context is favorable and what is happening with the Fed and the interest rate is fundamental for emerging countries,” So he called for “we to start doing things in a much more orderly way to be able to take advantage of that opportunity.”

“The key is to capitalize on that at the national level. Argentine companies are first class and if macro conditions are not favorable it is very difficult to obtain the financing that we are beginning to see now. There is a lot to do to take advantage of that context, which is a tailwind,” he interpreted.

In that sense, he pointed out that “fiscal balance as an anchor or flag is essential to give this signal” and added: “As for inflation, we are seeing that they are taking some measures that are in the right direction to take advantage of a context that looks favorable.”

Order and optimism

Savoldelli regretted that “Argentina has not grown for 15 years” and considered “necessary condition to organize the macro for the economy to grow sustainably.” “If we order and do things well, the economy will react. “We are optimistic if we continue on this path,” he expressed.

In addition, he assured that “the market is armed with expectations and confidence” and maintained that the Government “is trying to build a little in these months so that the economy also begins to take off.”

At the same time, on the bleach, The Ualá representative considered that “it is a great opportunity” and valued that “The Government made the effort to align the incentives and let’s see the numbers we see today,” while he indicated that “now we must ensure that the dollars stay in the system and are transformed into investment, savings and credit.”

The investment profile

Regarding investors, Savoldelli acknowledged that “it is changing at the user level,” although he admitted that “The flow against dollars continues to be maintained because, when it goes up, the user thinks that it is going to go up and it is the way to cover himself, but, if it goes down, he buys in case it will be cheap.”

“More and more users choose to operate the MEP dollar and discover other investment options. They continue using a common investment fund, fixed term with rates that fell and are rising again and become interesting against projected inflation,” he added.

Thinking about an eventual portfolio for investors, Savoldelli mentioned to the energy and financial sector, pointing out that “they are coming in very well” and lamented: “We would love for there to be more sectors. “We have many companies that for various reasons the market did not incorporate.” As for a possible star asset, he highlighted Argentine bonds as the global bonus GD35 and the BOPREAL.