Dear friends,
As far as sport stories go there is one thing for certain, everyone loves an underdog. Everyone is thrilled by the story of an obscure player or an obscure team, which rises out of nowhere when it’s least expected and conquers fame and titles. It gets even better if the said player or team start from very humble beginnings. Typically the story goes like this: a player who comes from a poor background works hard to become professional, gets selected by a major club, and eventually wins many titles and becomes rich. Sounds cheesy? Well we have one recent example for you. Enter Giannis Antetokounmpo.
Giannis, as he is mostly known, is the son of Nigerian immigrants and was born in Greece. His parents had trouble making ends meet in Athens while he was growing up. He helped the family by selling watches, handbags, and sunglasses in the streets as a teenager, frequently getting chased by the police. He started playing basketball for his local club in 2007 and within a few years he was drafted in the NBA. By the 2020-2021 season he was an NBA champion with the Milwaukee Bucks and signed a 5-year contract extension for $228 million, the largest in NBA history. Talking about career growth! But what does Giannis have to do with Spanish Real Estate?
We are bringing up Giannis because we recently came across one statement by his team’s owner. Apparently Giannis maintains 50 different bank accounts to keep his savings. The reason he does this is because there is a $250,000 limit on deposit protection by the US government, so he maxes out the deposit limit across different banks. Sounds smart? Maybe, but there are more ways to achieve wealth preservation. Sounds inefficient? Of course, imagine managing 50 different bank accounts in 50 different banks. Sounds financially naïve? Clearly, with inflation reaching 10% these savings are being eroded every day. We are not even mentioning the systemic risk around banks, that will be the subject of a future newsletter. It seems to us that Giannis has done a great job acquiring riches that he couldn’t even imagine as a teenager in the streets of Athens. However, in order to preserve and increase that wealth he needs some expert help.
We also believe that his case is not unique, in fact the statistics around banking deposits reveal that there are many people like Giannis. Households in the Eurozone hold approximately 9 trillion euros of deposits, up from 6.1 trillion 10 year ago. When inflation is flying high at a range of 7-10% these deposits are trapped and are losing value. Why would you trap something you worked hard for and you cherish? At Artemis Assets we say that we can liberate your savings and we mean it.
We have identified Spanish Real Estate as a safe and profitable investment, where your cash can be made to work hard for you. We have a track record of property investments that yield more than 15% per year, which are not only protected from inflation but actually benefit from it. The best part is you don’t have to manage them, Artemis can do that job for you. And if you fancy a trip to Spain you can even stay in your investments!
Until the next one!
