Out of the shit-storm caused by the Egyptian government’s resignation earlier this work comes a glimmer of hope for the country’s economic woes – at least in one person’s opinion.
Founding member of the Capitalist Pig hedge fund and prolific finance commentator, Jonathan Hoenig, has touted Egypt as a potential money-maker for investors worldwide.
“In general, with the markets, you want to be long doubt and short hope. There’s probably no more doubt anywhere across the world than when it comes to Africa – and Egypt specifically.”
Comparing Egypt’s economic difficulties to that of Latin America in the early 2000′s, Hoenig believes that, despite the all-round uncertainty of Egypt’s short term future, the stock market is a potential goldmine.
“Think of it like Latin America back in the early 2000s – it’s almost impossible to imagine back then – but back in early 2000s, no one wanted anything to do with Argentina, with Brazil, with Peru.” Now – over a decade later – investors are kicking themselves for not getting a piece of the action, according to Hoenig.
“For a portion of your portfolio, Egypt, despite all the worries, is my number one choice.”
Did you hear that guys? We’re someone’s number one choice for something!