Today’s Iraq may well be the world’s purest form of value investing. Virtually every company in every industry is struggling. Struggling to grow and to restructure. The entire country is effectively a turn-around situation.
And at the same time, Iraq has 20% of the world’s oil reserves. So the value is already there, amidst a sea of restructuring and uncertainty. And finally there is the emotional aspect. Iraq evokes a particularly strong emotional reaction from virtually everyone.
Overall, it would be difficult to find a more stark example of the collision of emotion, uncertainty and economic value than in today’s Iraq. And this makes it a fascinating topic for value investors – who have always lived at this particular intersection.
We interviewed Sadeer Munir of Iraq-based Melak Investments, one of the first financial services firms on the ground in Iraq. With offices in Baghdad, Erbil, Sulaymaniyah, and Istanbul, Melak provides investment banking and merchant banking solutions to Iraqi companies and foreign firms with strategic interests in Iraq. Sadeer also works with their sister company Rabee Securities.
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