European markets under a Greek cloud
This month we propose to discuss an investment opportunity completely independent of whether or not Athens has the capacity to honour its commitments or to obtain credits from Brussels.This investment – really – has an AAA rating, a potential performance worthy of a BBB, but also a low correlation to the emerging markets risk factor all too present in the portfolios. Such an opportunity is obviously not without risks. Its main risk lies in the evolution of oil prices. So if you think a barrel of black gold is destined to return to 30 dollars or less – a possibility that we cannot totally exclude – you should immediately skip to page 4.
A bet on oil
But if, like us, you believe that a barrel of oil is destined to remain between 50 and 100 dollars in the coming years, we think the market offers an attractive investment opportunity in the form of the largestWestern oil major, Exxon Mobil, whose shares currently trade at the same price as twelve months ago, when markets expected a depression and a barrel of oil was trading at USD50.