Articles by Manuel Moreno Capa

About the Author

Manuel Moreno Capa
Director of Gestores magazine, has been in economic journalism for more than thirty years. He has seen and narrated several major crises (oil, debt, stock exchanges, foreign exchange, real estate, technology ...) and thinks the same as Groucho Marx: would like to see a good little crisis sometime. In his blog (Economía en la literatura) Economics in Literature, he combines economic dissemination with his fondness for literature.
Santiago Fernández Valbuena, President of Aedas Homes, Vice President of EBN Banco and board member of Ferrovial

“The CaixaBank-Bankia Operation Is The Teaming Up Of Two Peas In A pod”

Manuel Moreno Capa | “The concentration of entities is a mantra of the ECB and the EBA. For me it is not evident that the reduction of costs -slow and expensive- is going to make profitability appear where there is none. Caixabank and Bankia are the outcome of several large mergers and takeovers from the 2009 round. Therefore they have not overcome their difficulties,” said Santiago Fernández Valbuena, president of Aedas Homes, vice-president of EBN Bank and director of Ferrovial.


When Does A Technology Firm Stop Being A Technology Firm?

Manuel Moreno Capa | As Nasdaq flirts with historical highs, voices warning that the technology bubble is about to burst are growing. When? Impossible to know, although a good guide may be to analyse which technologies are about to stop being so, becoming just one more company in their corresponding sector. And now we see cases of technology firms which are increasingly similar to the sector they came to revolutionise: methods of payment (Wirecard) or media (Facebook).


Cristina Garmendia: “Many Companies Are Giving Lessons On How To Behave”

Manuel Moreno Capa | This interview took place two weeks after the declaration of the State of Alarm, in place since March 15. And someone like Cristina Garmendia -scientist, businesswoman and former minister of Science and Technology- is surely amongst the best qualified to analyse many of the aspects concerning the biggest non-war crisis affecting us as far back as we can remember.


A Fund Manager Who Apologizes For The Losses

Manuel Moreno Capa | In over three decades of writing about this, I find it hard to remember a piece of news like the one I read on the specialized website Citywire on March 18: UK fund manager H2O Asset Management apologized to its clients for the heavy losses suffered in its two investment funds due to the coronavirus crisis. According to Morningstar data, the two H2O funds had fallen by no less than fifty percent in four weeks (until Monday 16).


Tesla And Other Bubbles That Are Not Seen Until They Burst

Manuel Moreno Capa | From a practical point of view for the investor, Tesla is not really a car company. As opposed to selling cars, what it actually sells are expectations, future, potential. More or less the same as what many “dotcom” firms sold. That’s why its stock price is so crazy. But if at some point it became a simple car manufacturer, it would end up being valued as rigorously as the rest of the sector, irrespective of how advanced its models were.


Something smells rotten in the City

Something Is Rotten In The City

Manuel Moreno Capa | As soon as Boris Johnson swept to victory in the UK general election of last December 12, he made two decisions that have not been welcomed by the City of London: the first, to reduce the transitional period of Brexit to one year (how naive he is if he thinks his tough stance will soften the positions already taken by Brussels); the second, to appoint a new Governor of the Bank of England not much liked by the markets.