He CEO of Max Capital Asset Management, Nicolás Guaia, during the second panel Scope Debate about Finance & Investments in the Milei era, moderated by Ámbito’s Economy, Finance and Business editor, Juan Pablo Marino.
Guaia gave the right direction to the Government’s course by pointing out that “There are many factors to be positive with this model, which is in stages” and differentiated: “The first stage is fiscal consolidation, an attack on inflation. “We are not accumulating reserves, because that will probably be from the second stage, for next year or after the elections.”
“There are many things that had to be fixed and few resources, so it is not something that can be done overnight. “We are going to be reducing the amount of pesos and more dollars to get out of the stocks and until we have access to international credit we have to see how we get them,” express.
And he finished: “The message is that there is a mandate that has never existed before in history to make a strong adjustment in public spending, which is the solution to almost all the ills that Argentina has, So it may be that we are facing a historic situation that must be taken advantage of.”
Commercial debt, stocks and money laundering
The Max Capital reference referred to “the inheritance of a very strong commercial debt” from the previous government and considered that “If one tries to get out of the stocks and has immediate demand for dollars, it could be catastrophic.”
“They did well to release it with the Bopreales and giving liquidity and downward pressure to the Counted with Liqui on the supply side with Blend,” he analyzed, while highlighting that “Laundering generates flows of dollars at a time that was seasonally expected to not be good due to the liquidation of agriculture.”
Regarding the stocks, he considered that “it is maintained because there are risks of removing it if you do not have the resources to face a possible strong demand”, which is why he indicated that the Government “has to ensure that there are many fewer pesos to demand more dollars.”
The search to unite the capital market with companies
As for Max Capital, Guaia defined it as “a comprehensive financial services company, which has an ALyC, a fund manager and a fiduciary SGR.” “The idea is to put together a financial group trying to unite the capital market with companies,” he stated.
“We offer financing alternatives. Max Capital is the largest bond operator in the last year, Therefore, it is a company that tries to advise at all levels, from companies to young people who are entering the capital market. First, starting through funds and the second through investments in technology,” he added.
Tips when investing
At the same time, Guaia indicated that for conservative investors “Today there can be no shortage of American Treasury debt bonds, whether it is put together in dollars abroad or from here, since at 4% in the United States it is something that must be taken advantage of, with a portfolio that has a weighting of close to 40% and would go back to Argentine corporate debt, more than anything the energy sector that issues long term, at good rates and with super solid balance sheets.”
“For a more risky investor, you always have to have some stocks at least for the long term, I would always take advantage of the part of US fixed income and would invest S&P and on the Argentine side I would take advantage sovereign debt “That has a long way to go,” he added.
Source: Ambito
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