Alexander Knaster Quotes
101 Alexander Knaster Quotes (Alexander Mark Knaster, Alex Knaster, Pamplona Capital Management)
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[In February 2013 on the problems of Europe and the US] What’s the difference between economists and astrologists? And the answer is that astrologists can guess right sometimes.
Alexander Knaster
[In August 1997 on Russia.] This is a country where a handshake is more binding than a 100-page legal document.
Alexander Knaster
Uncertainty is typically much more damaging to investment flows than simply bad news.
Alexander Knaster
Investment flows into Russia sometimes increase on bad news, reflecting the contrary nature of the Russian investor base.
Alexander Knaster
Oil and gas are very political… You are dealing with family silver.
Alexander Knaster
Russia is a volatile market…
Alexander Knaster
[In January 1997] The risks in Russia are lower now.
Alexander Knaster
[In April 1999] We did not see our business as being to provide insurance policies against the rouble to sophisticated western investors.
Alexander Knaster
[June 2008] The liquidity crisis has created real opportunities for those with a stable capital base and a top quality credit team.
Alexander Knaster
It’s very tricky to maintain a monetary union without a fiscal union and a social union.
Alexander Knaster
In Europe the problem you have is, you’ve got countries with their own budgets, and they borrow money separately but they can’t print it separately.
Alexander Knaster
The German’s say ‘You know, why should support funding Greeks or French when their work week is half of ours and their retirement age is 20 percent less’ and so on.
Alexander Knaster
High taxes are definitely bad, especially for those who are not in real industries.
Alexander Knaster
I think in France maybe – they all want to move to the South of France.
Alexander Knaster
The Jewish people have brought the abundance of genius and talent to the world. That community, that talent and that genius must not be permitted to fade away.
Alexander Knaster
[On expanding without getting sources of funding other than deposits.] Either we keep adding clients or we fall over.
Alexander Knaster
These guys are very clever and know the theory, but they lack the hands-on experience.
Alexander Knaster
It remains to be proved if these groups will add value… but they are doing the basic things - putting in decent management and imposing some financial discipline.
Alexander Knaster
Caring for others, readiness to help the less fortunate and willingness to support those in need have always been – and remain today – basic tenets of Judaism.
Alexander Knaster
[In November 1992] The single-largest oil and gas market in the world – the former Soviet Union – is undergoing a fundamental transition, trying to fight off the production decline caused by lack of equipment, outdated technology and poorly designed production systems.
Alexander Knaster
[In November 1992] The greatest opportunities in the former Soviet Union will most likely be realized over the next five to seven years.
Alexander Knaster
[In November 1992] If these upside pressures converge, an investor could randomly invest in the oil service industry and benefit from the a-rising-tide-lifts-all-boats phenomenon – the pull through effect. But for the best possible opportunities, even in an overall favorable climate, one indentifies the most important trends and picks the firms best-positioned to ride them to success.
Alexander Knaster
[In November 1992] One of the advatnages of investing in the oil service industry is the pull-through effect. If the industry is in a rising market, virtually every oil service stock is likely to be a winner.
Alexander Knaster
[In November 1992] Investing in any of the large industry leaders will provide a good vehicle through which to capitalize on most of the trends under way in the industry. Investing in smaller companies may bring far more potential upside, but one has to be able to differentiate among the multitude of very distinct markets comprising the industry and understand their separate dynamics.
Alexander Knaster
[In November 1993] Over the last 12 months, the service and equipment industry has transformed itself from an overlooked sector of the public equity markets to one of the best performers, with average share price appreciation nearly 5 times the S&P 500 during 1993.
Alexander Knaster
[In November 1993] Over the last 12 years, the industry has suffered through one of the worst depressions of any industry in the world.
Alexander Knaster
[In November 1993] Many investors may view the recent stock gains as a repeat of these short-lived rallies. This microscopic view would overlook one fundamental difference: Previous rallies were based on expectations of a recovery. The present rally is based on a recovery that is not only already here, but that appears to be sustainable.
Alexander Knaster
[In November 1993] A macro view of the industry would show a cyclical industry, with 8 to 12 year cycles from peak to peak. We believe that several sectors of the industry are at the beginning of a long-term cyclical recovery, and other sectors may not be far behind.
Alexander Knaster
[In November 1993] The service and equipment industry has gone from the Overlooked to the Strong and Growing column.
Alexander Knaster
[In July 1995] This is our biggest comfort: that the market will rise over time, despite worries about the rouble. Russia accounts for less than 1% of emerging market portfolios. Latin America comprises 45% and Asia another 45%. Brokers hear the cry 'I've got to have a bit of Russia', and buy in anticipation.
[In July 1995] We traded equities last year then decided to hold off for a while… We're setting up a brokerage in a fairly conservative way, and we can afford to deal without taking big proprietary positions.
Alexander Knaster
[In August 1995 on the Atlantic Richfield Company putting up $250 million to buy a stake in Lukoil – Russia’s largest private oil company.] It’s the first attempt to raise large amounts of money for a recently privatised Russian corporation in the international capital market. It’s important for Lukoil, for the continuation of the privatisation process and Russian capital markets.
Alexander Knaster
[In September 1995 on Lukoil being able to pay its taxes.] If you look at how much is owed in back taxes from many companies, just being able to collect back taxes is a huge success for the government.
Alexander Knaster
[In October 1995 on some Russian banks forming alliances with western partners.] These alliances will be uneasy. Especially if illiquid Russian banks are asking for help with capital raising as well as demanding access to the western partner's shares distribution networks to sell the shares.
Alexander Knaster
[In March 1996] Any discussion of president Yeltsin's political moves has to go beyond the June election time frame. We have clear evidence of four years of proven reforms, which are revolutionary in their scope and implementation. President Yeltsin's political shifts and their true meaning can only be assessed after the elections - there is too much incentive for window dressing at this point. Investment flows into Russia have been reduced, primarily as a result of the uncertainty associated with the June elections. Uncertainty is typically much more damaging to investment flows than simply bad news. In fact, investment flows into Russia sometimes increase on bad news, reflecting the contrary nature of the Russian investor base. In my opinion, whatever the outcome of the June elections (barring renationalisation of private property), capital flows will increase as investors will be able to assess the new environment and ‘dial in’ the changes to their forecasts and budgets.
Alexander Knaster
[In April 1996] We have the broadest presence. We are very strong in trade finance, we are one of the leading participants in the Russian T-bill market - in fact, we were the first western institution to get a licence for this and the equity market. We have the largest corporate finance team and the largest research group, and we're still growing.
Alexander Knaster
[In June 1996 on the Russian elections.] I think the Communists will get a meaningful block of votes.
Alexander Knaster
[In July 1996 after an election.] Back to economic reality.
Alexander Knaster
[In July 1996] Oil and gas are very political. You are not dealing just with the economy. You are dealing with family silver.
Alexander Knaster
[In July 1996 on legislation to encourage foreign investment in oil and gas.] I expect a resolution in 1997. The production-sharing law may not be in perfect shape, but I expect we will get to the point where foreign investment starts to flow. It will be a combination of increased courage on the part of the Western companies and increased tolerance by the Russians.
Alexander Knaster
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