This is a line spoken by Puck in Shakespeare’s play, “A Midsummer Night’s Dream.” Argentina recently announced its ninth sovereign debt default. That Argentina defaulted should not have been a surprise, but that the country had an opportunity to default a ninth time makes one wonder just who lends money to a serial defaulter after the total has reached eight.
Investors should always be cognizant of the importance of due diligence in any financial decision. This is has never been truer than in the current environment where the impact of COVID-19 has pushed weak businesses and economies beyond the brink.
All comments and suggestions are welcome.
Walter J. Kirchberger, CFA