As of August 31st, Penerelli had allocated almost $19 million on BBVA shares, betting on the Spanish and Mexican recovery; $16.6 million in Bankinter; and similar amounts in Gas Natural and the tv station Tele 5, plus an undisclosed package in another television broadcaster, Antena 3. Oh, and one summer house on the Spanish coast that, as he proudly explains to Barron’s, was bought, again, “on the cheap”.
Penerelli’s story is remarkable for several reasons. One, because he is not just betting on the recovery of the Spanish housing market, or the banking industry, but also on consumption, as shown by his purchases of tv station stock. But also because of the treatment that Barron’s — literally, the “sacred text” of Wall Street — gives to him. Only one year ago, ‘Barron’s’ was prominently displaying the Internet joke about Spanish prostitutes refusing their services to bankers as if it were true — and then, not responding to this writer’s requests of a correction. Now, an almost $150 million bet on Spanish companies is simply a reportage like any other with a very clarifying headline: “European Realist”.
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