Jonathan Carmel: Germany is not a safe haven

Jonathan Carmel, portfolio manager at Carmel Asset Management, on Germany and whether it is as strong as believed.

(Audio) Jonathan Carmel Discusses Spain, Germany

Jonathan Carmel, portfolio manager at Carmel Asset Management., discusses the housing market in Spain, Germany's economy, and the European Union.
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Jonathan Carmel: Why Germany Is Riskier Than You Realize

Jonathan Carmel, founder and money manager at Carmel Asset Management, talks about Germany's European risk

Achtung Baby- Germany is Riskier Than You Think

Jonathan Carmel is extremely bearish on Spain

Jonathan Carmel, founder and money manager at Carmel Asset Management LLC, gives "54 Reasons Spain is worse than you think."

Carmel runs $50M and was featured in a must read article in the Wall Street Journal recently. His 54 page presentation is required reading for anyone who cares about macro.One big reason for his bearishness is that Spain's housing bubble was much larger than the US housing bubble, but is yet to correct (he sees a 35% correction eventually). Further, the Spanish construction industry employed 1 in 7 people in the labor force (vs. 1 in 22 in the US)!

Some ways to short Spain include buying Spanish CDS, shorting Spanish 10y debt, or shorting Spanish banks.