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Episode 119: John Hempton - Cutting through the uncertainty
Inside the Rope with David Clark
Investing in Europe
If you're a washin deposits and interest rates are zero or negative, you ain't going to make any money. So if you have a look at a lot of european banks, they are literally trading at the same price as they were in 19 70. The last thing you want to be is a bank in one of those countries. And i think that's generally true. But then im goin to divide the world another way: Those that have excess loan demand and those that have excess deposit supply. I'm not interested in owning banks in a country with 25 banks, but i'm actually quite interested in owning Banks in aCountry with four banks or three banks, or two
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