Posted by: Armel | January 17, 2009

I’m Just Saying…

It’s funny how things often turn out.

You know all those sayings people have:  how only a leader shines in time of crisis. How it’s harder to be different when everyone else is doing the exact same thing. How daring to go against the herd always reveal a winner etc… If those sayings apply to the current situation (crisis) and the financial sector in Emerging Countries (E.M), we could have new leaders at the end. Given how some financial companies have performed under the tough business environment in E.M, shouldn’t they be the new models ?

Indeed, what I’ve actually found out is that some E.M deserve more credit than they get for staying put and sticking to their accounting practices when everyone else adjusted theirs ! The change and modifications that were allowed under new accounting rules created a mess more complex than complexity itself (!). There is not a firm out there capable to effectively deconstruct what’s what: where the junk assets are, who they belong to, how much they’re worth. Sometimes, the underlying asset attached is just non-existent !

Don’t get me wrong, before trying to nullify my remarks by reminding me of all the structural differences between the West and E.M, all I’m saying is all should be fair in warfare. If the top executives and leaders in management are picked from their OUTSTANDING performance despite the hostile environment, then the best are no longer in the West ! Bottom line.

I’m just saying…

Armel Njeunou

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Responses

  1. specific examples? lol

  2. Armelopost, there you go again with that Africa 2.0 theory ! I didn’t hear you bringing this up during the expansion, so will it be fair to also say that the only reason why we are able to see those outstanding performances coming from emerging markets is only because everywhere else there is a contraction? Answer that !

  3. OZ,
    I said that based on stories out of Turkey, the Mid-East, South Africa, East and West Africa.
    The Turkish financial sector is doing good as a whole ( post on this coming up).
    Middle eastern funded financial companies in North africa are now expanding and taking over former french territories. The news out of west african is also encouraging ( Upcoming post on the emergence of Investment Banking for the 1st time ever in the entire region).

    Basically those are the stories I found to be outstanding in the current environment.

  4. @ Max,
    I know how u feel lol! But you do have a point. May be the discrepancy is only visible because their peers are getting crushed.
    Either way, I hope you are not implying that it wasn’t worth mentionning solely based on that explanation.


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