Last week, Grupo Galicia (GGAL), a leading Argentinian bank, reported fourth quarter financial results which demonstrated significant financial improvement. As we noted when we first wrote up GGAL, the company´s financial statements are quite complex, and as such we´ll just focus on two big picture points in this post and reiterate why we remain bullish on the shares for the remainder of the year.

Emerging market stocks did well in 2006 and expectations are for another solid year of performance in 2007. Since we’re not fans of chasing stocks, we were happy to find one emerging market that has yet to truly heat up and which we think could outperform significantly in the coming year.