CONFERENCIA INVERSOR GLOBAL 3era. Edición SHERATON ...

INVESTMENT U

CONFERENCEMar 15, 2017 – Mar 18, 2017

ARGENTINA: How to Win Amid

Uncertainty

Diego Martínez Burzaco

Chief Economist at Inversor Global

@[email protected]

Four differents type of countries

1. Developed Countries

2. Developing Countries

3. Japan

4. Argentina

What was wrong with Argentina?

Don’t cry for me Argentina

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Populism adverse effect #1: Inflation soared

Populism adverse effect #2: Public sector degradation

Populism adverse effect #3: External Restrictions

Populism adverse effect #4: Activity Stagnation

When Argentina was headed to Venezuela

model…Mauricio Macri appeared

What did he do in 15 months?

1. Lifted capital controls

2. Solved Holdouts problems

3. Reduced corporate taxes

4. Retrieved credible statistics

Investors recovered confidence

Equities made a breakout

Is there still more room to go?

Fixed Income still looks attractive

What about equities? We must be selective…

Argentine Bank System has room to go…

#1 Banco Macro (NYSE: BMA)

• One of the most important private Banks in Argentina.

• Strong market share in the countryside.

• Healthy financial balance sheet.

• Looking for new opportunities: not Citigroup, but Banco Patagonia?

#1 Banco Macro (NYSE: BMA)

#2 Cresud (NASDAQ: CRESY)

• Leader agricultural company in LATAM.

• Acquisition, development and exploitation of agricultural properties.

• Currently involved in Crop & Sugarcane, beef cattle production and milk production.

• Not only agricultura, but consumption (IRSA) and bank (Hipotecario)


1 Hectare = 2,47 acres

Bonus: Playing Argentina in diversified mode

INVESTMENT U CONFERENCEMar 15, 2017 – Mar 18, 2017

ARGENTINA: How to Win Amid

Uncertainty

Questions & Answers

Thank you!Diego Martínez Burzaco

Chief Economist at Inversor Global

@[email protected]

CONFERENCIA INVERSOR GLOBAL 3era. Edición SHERATON ...

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