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Article: Seeing trouble ahead in SpainFUNDSMARKETPLACE by Bloomberg
- Article from:
- International Herald Tribune
- Article date:
- June 5, 2007
- Author:
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Charles Penty
International Herald Tribune
06-05-2007
Francisco Parames, the best-performing fund manager in Spain for the past five years, got a hand-written note from Warren Buffett a few months ago seeking advice on investing in the country. Parames was thrilled to be asked, but he was not enthusiastic about the Spanish economy. Parames, of Bestinver Asset Management, based in Madrid, predicts that a real estate crash in his homeland will spread, dragging down companies throughout the country. Lending by banks and other credit institutions has almost tripled in Spain since 2000.''A lot of people are going to be unemployed,'' Parames said. ''Our most important bet is the one you can't ...