Ross Levin on Cooperative Investment Certificates (CCIs) issued by Credit Agricole Group

Ross Levin, Director of Research at Arbiter Partners, joins the pod to discuss his thesis on Credit Agricole S.A. CCIs (Cooperative Investment Certificates). For more information about Arbiter Partners, please visit: https://arbiterpartners.net/ Chapters: [0:00] Introduction + Episode sponsor: Stream by Alphasense [1:43] Overview of Credit Agricole S.A. and CCIs (Cooperative Investment Certificates) [9:56] Dividend yield on these CCIs [16:51] Value catalyst - Eureka transaction [23:53] Credit Agricole vulnerabilities, CCI clean-up + historical examples of buyouts of these CCIs [30:20] What does the CCI buybacks look like [32:25] CCIs' risks / bear case [36:46] French regional bank risk / what would happen if Credit Agricole blew up (systemic risk) [41:58] Resources to research CCIs [44:17] Final thoughts on Credit Agricole and CCIs Today's episode is sponsored by: Stream by Alphasense Are traditional expert calls in the investment world becoming obsolete? According to Stream, they are, and you can access primary research easily and efficiently through their platform. With Stream, you'll have the right insights at your fingertips to make the best investment decisions. They offer a vast library of over 26,000 expert transcripts, powered by AI search technology. Plus, they provide competitive rates on expert call services, and you can even have an experienced buy-side analyst conduct the calls for you. But that's not all. Stream also provides the ability to engage with experts 1-on-1 and get your calls transcribed free-of-charge—all for 40% less than you would pay for 20 calls in a traditional expert network model. So, if you're looking to optimize your research process and increase ROI on investment research spend, Stream has the solution for you. Head over to their website at streamrg.com to learn more. Thanks for listening, and we'll catch you next time. For more information: https://www.streamrg.com/