Somebody recently recommended I look at Argentine bank BFR. That triggered the memory of a comment somebody here (Doc?) mentioned the other day regarding how the Argentine peso has not recovered (unlike the BRL) and how their agricultural sector should benefit. In any case, I bought a small lot of a different bank - BBV - today. This was recently ranked the 13th safest bank in the world and is a position to expand. It is currently trading at around 8 P/E and earnings are as strong as ever. Of course, when the peso begins to recover, that will be more gravy.
Argentina is always risky as hell, but at this stage of the game, investors are scouring the dark corners of the globe for those hidden nuggets of untapped risk that could provide the next muli-bagger.
May 28 (Bloomberg) -- Itau Unibanco Holding SA, Latin America’s biggest bank, had its share-price estimate raised 19 percent at Banco Fator on the prospect that an improvement in the Brazilian economy will accelerate loan growth.