Contrarian: Why the UK should take Spanish lessons

CONTRARIAN INVESTOR

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The Great British schadenfreude over Europe is fast becoming impossibly annoying, especially when it concerns Spain.

Let us make no bones about this – at the moment the UK, its local currency sterling and its government bonds are infinitely more attractive as an investment proposition than anything faintly Hispanic. But I am more and more of the view that Spain and its equities are shaping up to be a real challenger to the UK. This long-term bullish argument should not be confused with any affirmation for the short-term roar of approval from the markets for the Spanish bank bailout. Stock markets shot up on news of the €100bn package – especially as the package did not seem to have any obvious austerit...

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