I recently spent two weeks in Belgrade to look at investment opportunities as I like Serbia’s long term trajectory. Obviously, I looked at real estate, and a written research report on the topic will get published in the weeks ahead.
Writing down the thesis and my analysis helps me make rational decisions.
I also investigated other ways to “play” Serbia. I looked at the local stock exchange and saw numbers that were quite mind-boggling. Not only was there very little liquidity, but the Belgrade Stock Exchange actually used to be quite something, with volume of about €2 billion per year before the GFC, but which cratered down to approximately €35 million in the last year.
Some of the valuations are cheap. I particularly like NIS, which is majority owned by Gazprom. It is one of the largest vertically integrated energy companies in southeastern Europe. NIS is involved in oil and gas exploration, production and processing, as well as oil products marketing. I like it, but did not buy it (you’ll find out why in the video).
In this video, I interview the business director of the Belgrade Stock Exchange to get a better understanding of the capital markets in Serbia, how the the stock exchange found itself in its current predicament, and what is the way forward.
He divulges some interesting catalysts ahead, which, if they do actually materialize, could lead to a re-rating of Serbian equities.
This is what I do at The Wandering Investor
People often ask me what is the best way to keep track of where I am to meet up with me. Following me on Instagram is probably the best way to do this, as I regularly post some of my travel videos and pictures in Stories as I wander about.
My research articles and Youtube videos typically get published a few weeks after the fact.
To a World of Opportunities,
The Wandering Investor
If you want to discuss your internationalization and diversification plans, book a consulting session* or send me an email.
*a consulting session is a discussion about your portfolio and objectives. It does not constitute legal, financial, tax or investment advice.