On behalf of Globtec Investment LLC, I’d like to begin by thanking our investors for their continued support. Individual investors are – and will always remain – the foundation of our marketplace.
Looking back on the past year, a fundamental fact that informs our outlook remains unchanged: our success was based on our persistence in swimming against the current of common investor psychology. Where others were content simply to skim the “business as usual” surface, Globtec was passionate about charting our own course toward a deeper, more nuanced, and, ultimately, more rewarding understanding of the global marketplace.
Where others glimpsed insufficiency or potential ruin in emerging markets suffering political, social, or financial crises, we found opportunity. Why are we different? How did we realize profits where others could not even see them? The answer is, we are supported by our process: our study of and familiarity with these markets creates a successful context that informs us where to invest, and who to invest in.
One frustration from the past year has been resolved: our lawsuit against the German federal government was ended with a settlement in our favor. Now we can move forward and withdraw from the German market completely. The €150 million that had been earmarked for Germany is being shifted instead to Hungary and we have already initiated that project by forming a new subsidiary specifically for that purpose.
Now, on to the most exciting news I have to announce. One of Globtec’s primary commitments has been to support entrepreneurs with the resources, expertise, and market knowledge leadership necessary to make their dreams come true. Banks and institutional lenders have been a persistent weak link in these operations and, looking ahead, there are clear indicators of seismic changes in lending markets. Because these institutions are resisting necessary change, the heyday of traditional commercial banks will slowly come to an end.