interviews

"The social market economy will be able to function, but it will need to be updated"

“The Social Market Economy Will Be Able To Function, But It Will Need To Be Updated”

Lidia Conde (Fráncfort) | Achim Wambach has been the president of the European economic think tank ZEW in Mannheim since 2016. He is also president of the antimonopoly commission and the Association for Social Policy. He forms part of National Platform on Electromobility and works in the advisory council of the State of Baden-Württemberg for sustainable economic development.



John Bogle, pioneer of indexed investment (1929-2019): "The managers' capitalism has betrayed the investors' trust"

John Bogle, Pioneer Of Indexed Investment (1929-2019):”The Managers’ Capitalism Betrayed The Investors’ Trust”

Last week John Bogle died, considered one of the major philanthropists in history.He did it through the Vanguard Fund, which he created in 1975, and which became the first indexed fund for retail clients. In September 2007, just a year before the collapse of Lehman Brothers, we had the opportunity to speak with him about the damage that “the capital of the managers” had caused to people’s savings. The following are some of the opinions he left us.


"They ignored us in Europe, but when interest rates are at zero you have to use fiscal stimulus"

“They Ignored Us In Europe, But When Interest Rates Are At Zero You Have To Use Fiscal Stimulus”

Pablo Pardo | “In the 30s there was no econometrics and the economists could offer no advice on fiscal or monetary policy. In the last crisis the economists could offer ideas, say things like that, when interest rates are at zero, you have to use fiscal policy to stimulate the economy. This doesn’t mean that they listened to us. In Europe, for example, they pretty much ignored us,” explains William Nordhaus, Nobel laureate for economics in 2018.




Madeleine Albright: "How much will Northern Europe pay to the South?"

“The Main Question Is: How Much Will Northern Europe Pay To The South?

When Madeleine Albright retired from the front line of politics in politics, she founded, first, an equity fund and then an equity management company and a consultant, ASG, which supports the internationalisation of US firms. But Albright has never really left the public sphere. Now she returns, at the age of 81, with a book: “Fascism: A Threat”.


This M&A surge is a "nonsense", according to Nassim Nicholas Taleb

“This Current M&A Surge Is The Most Stupid Thing”

Ana Fuentes | Quick and provocative, Nassim Nicholas Taleb (he insists on the presence of his second name to emphasize his Christian origins) is a machine in generating headlines. This was the Lebanese investor, resident in New York, who in 2007 developed the theory of the Black Swan, an unexpected event which changes the chain of events and which can only be rationalised after the event. Since then he has become a financial guru who dresses his ideas in striking concepts: Antifragility, pseudo stability, pseudo experts.


“Blockchain, A Decentralised Infrastructure, Is Interesting. We’ll See If It Can Be Monetised”

Ana Fuentes | “More than 80% of the global population has a mobile phone, more than can count on running water, a bathroom or electricity. We constantly generate data. But for us, as rational investors, the question is whether we are making profits from this, or whether we are just talking and beating about the bush.” concludes Zhang, who manages a fund specialising in Big Data for Rothschild, with 332 million euros under management and an annualised profit of 15.1%.


Four years ago no housing was being built in Spain , and now 90,000 units are being built

“Where There Is Demand There Are No Houses, So Prices Go Up”

Mari Pinardo | Neinor Homes is the first housing promotor to return to the stock market 10 years after the crisis. Its CEO, Juan Velayos, recognises that many things have improved since then: Four years ago no housing was being built, and now 90,000 units are being built”. But he admits there are deep rooted problems in the sector: “Spain is seriously bad at generating supply, we are paying far more for apartments than we could do if there were transparent criteria.”