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Chaos in the world’s financial markets continues. The IMF, which has dealt with such crises before (with varying degrees of success), takes a mildly optimistic view about 2H09 recovery and a return to relative normalcy, assuming quick concerted global consensus on policies “aimed at addressing the key systemic problems — illiquid assets, capital shortages and the collapse of counter-party trust.” In the meantime, risk aversion will rule and we fear many telcos and technology suppliers will adopt a bunker mentality. Distracted managers will miss opportunities arising from the chaos, and will be unprepared for recovery. While caution is inevitable, we urge a more aggressive strategy for those with tangible resources available. Here are some considerations. |
