每日更新 - 非国外资产,意大利 The Daily Update - NFA, Italy

大约在500年前的文艺复兴时期,意大利的托斯卡纳出现了一些慈善贷款人,打击高利贷的破坏性影响。那时,商人银行家仍然限制他们的业务范围在贵族或政治和宗教精英,直到方济会修士说服罗马教廷建立一家可以按成本设定利率并接受抵押的银行。这些银行家(或典当银行)和类似的银行随后开始蔓延,而在锡耶纳这一富有的交易城邦,人们用纳税人的钱创建了属于自己的这家银行。这一创新项目增加了农业贷款的核心投资组合以及其他银行业务给以前被忽视的人士。在1492年对克里斯托弗·哥伦布探险融资出现重大损失后,其领导轮流制逐渐灌输风险规避文化和贷款实践。

在1624年,经过大约两个世纪的这种有利可图的活动后,这家银行改名为西亚那银行(BMPS)。其相对稳定的商业模式在后续几个世纪继续赚取利润,获得农田,并开发其他业务。到了20世纪90年代,它已经开始扩展到新生的统一意大利。几十年后,在20世纪30年代的经济危机中,西亚那银行保持了弹性,并在整个80年代末被认为是意大利最赚钱的银行。

然而,90年代迅速扩张,耗尽了银行的储备和利润,导致其在1999年进行公开发行。一些失败和成功的收购和合并进一步转移了西亚那银行的利润和风险来源。然后在2012年欧洲主权债务危机期间,作为意大利政府债务的主要持有人,该银行遭受了20多亿美元的损失。随之而来的是2013年隐藏损失和衍生品的丑闻,以及进一步资本重组和救助。现在,像半个世纪前一样,西亚那银行可能以银行生命线形式收到纳税人的钱,比如150亿欧元的欧盟国家援助。

投资这种临时支撑不是我们的投资理念的一部分,除非有投资该区域的基本基础,我们认为其他债权人区会提供更有利的风险调整回报。如果我们有机会回到过去五百年,也许我们将投资一些意大利信贷,如西亚那银行;拥有雄厚资产基础和成熟商业模式的公司才能提供呼吸空间,以应对冲击,并监控任何商业或财务健康恶化的趋势。但是近几十年来,意大利的财政健康状况大多类似于西亚那银行的情况。在这种负债,救援包必要性和政治逆风的情况下,意大利以及大量负债欧洲国家似乎无法提供长期的基本价值。

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