Why Europe is an opportunity for special sits investors
Pilots know that taking off with a strong tailwind behind you can be dangerous. Seasoned investors know the same thing. The best time to invest in equities is not when margins are high and sales are growing; it is easy to make errors of optimism and overpay for growth when things have been going well and the future looks rosy.
The bull market combination of high valuation multiples with cheap and abundant credit tempts company managers to expand their empires through acquisition. It is at this point that the chances of mis-allocating...
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