Pope Francis blesses the crowd as he recites the Angelus noon prayer from the window of his studio overlooking St.Peter's Square, at the Vatican, Sunday, July 18, 2021. (AP Photo/Alessandra Tarantino)
VATICAN CITY (AP) — The Vatican closed out 2020 with a deficit of 66.3 million euros ($78 million), which was better than projected and even lower than pre-pandemic 2019, according to figures released Saturday.
The Vatican’s economy minister, the Rev. Juan Antonio Guerrero Alves, credited lower spending and a milder-than-expected drop in revenues for the results.
The shortfall was narrower than the range forecast by the Vatican, which was between 68 million euros and 146 million euros. It was also lower than the 79.2-million-euro deficit recorded in 2019.
Guerrero said the Vatican cut expenses in the face of the pandemic, focusing on essentials like salaries, aid to churches in difficulty and the poor. To save money, the Vatican reduced travel and events spending by three-quarters, postponed maintenance and cut back on consultancy services, while Vatican diplomats tightened their belts. Taxes remained a constant 18.8 million euros.
Revenues came in just 5% lower than the pre-pandemic projection of 269 million euros.
“We are waiting to see if this trend continues in 2021,’’ Guerrero told Vatican media.
Donations rose slightly to 56.2 million euros ($66 million). Even so, Guerrero noted that the Peter’s Pence donations, offered during an annual collections at Mass, fell 18% in 2020. They are billed as a concrete way to help the pope in his works of charity but are also used to run the Holy See bureaucracy. Many churches conducted virtual Masses in 2020 due to the pandemic.7 Undervalued Stocks in an Overvalued Market
In June 2021 the investment firm, Bespoke Investments made this ominous pronouncement: “Investors simultaneously think the market is overvalued, but likely to keep climbing.”
This statement was meant to be a warning to investors. However, investors have shown that they can be very resilient even as the major indices continue to reach new highs.
So it would seem strange to be looking at a list of undervalued stocks. But looking at undervalued stocks is a form of value investing. And in 2021, investors are shifting between growth and value investing on a monthly, if not weekly basis.
An undervalued stock is one that is considered to be trading below its fair value. However, there’s no singular right way to identify undervalued stocks. Some investors prefer to look at fundamental metrics. Others will look for technical signals.
The one common element of all undervalued stocks is that they are stocks that have room to grow. That’s something that all investors can get behind. And in this special presentation, we’ll take a look at seven stocks that are showing signs of being undervalued at this time.
View the "7 Undervalued Stocks in an Overvalued Market"