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Author: CIC
What Comes After the NRRP? The PPNR: €60 Billion in Public Investment
Romania is closing out its National Recovery and Resilience Plan (NRRP) with more than 90% of its grants salvaged, but without the competitiveness leap the programme promised. For 2028–2034, the National and Regional Partnership Plan (PPNR) brings at least €60 billion in non-reimbursable funds, more than four times as much. What is at stake with this money is already a subject of discussion between politicians and the business community. If we repeat the mistakes of the NRRP, the PPNR won’t help us much either.
Romania, today I invested €300,000 in your economy. Do you know what to do with it?
Until last week, the Bucharest Stock Exchange was the best-performing stock exchange in the world — not one of the top 5, but number one! This year, the benchmark index of the Romanian economy, the BET index, has risen by almost +50%, with a positive performance of +80% over the last 12 months. The crises of recent weeks have triggered steep declines on the exchange. Sitting some 10–12% below its previous highs, the market reminds us that in investing, you can go from ecstasy to agony in a very short time.
Do We Have Western Prices in Romania? An Analysis of the Cost of Living in 2026
One of the most frequent refrains we hear in the public sphere and in daily discussions is: “In Romania, we have Eastern salaries but Western prices.” As investors, we already know that emotional decisions and background noise can distort reality. That is why let’s look at the figures.
To understand exactly where we stand in the European economic landscape of 2026, we have conducted a detailed analysis. We compared Romania with four major Western economies (Germany, Great Britain, Spain, and Italy), considering a family of 4 supported by two average net salaries.
We focused on three basic pillars: Real Estate (purchase price per square meter), Utilities, and Food (average, prudent consumption).
Carpathia Investing Club 2025 Retrospective: Figures, Strategy, and Community Consolidation
Carpathia Investing Club 2025: A Year of Consolidation and Strategic Growth
The year 2025 represented a chapter of testing the principles learned throughout the three years of Carpathia Investing Club’s existence. It was a period marked by noise and volatility, yet we chose to remain faithful to our fundamental pillars: consistency, networking, and education.
Performance in Figures: Sustainable Growth
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12 New Members: Our community expanded with business professionals and experienced individuals who share the club’s core values.
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10 Personalized Strategies: We built 10 investment strategies from scratch, tailored to the risk profiles and objectives of our newest members.
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€250,000 Invested Capital: Club members directed an average of €20,000 monthly toward capital markets, demonstrating remarkable financial discipline.
Investment Philosophy: Consistency Over Speculation
Our portfolio strategy remained anchored in consistency. We avoided short-term speculation and focused primarily on ETFs such as NASDAQ, S&P 500, and BET-TR.
“The results of our members’ portfolios in 2025 reflected market performance. In a year of growth, but with moments of significant volatility, our strategy was the accumulation of main indices and the cementing of core investment principles.” — Flavian Cătălin Pah, Founder of Carpathia Investing Club.
Beyond the Numbers: Expansion and Validation
1. Crossing Local Borders: CIC Brașov
The year 2025 marked the opening of Carpathia Investing Club Brașov. This expansion came naturally, confirming the need for an investor community in Romania’s other major economic hubs.
2. Dialogue with Business Leaders
Our monthly meetings remained the heart of the club. We had the honor of hosting leaders from prestigious companies such as SIMTEL, DN Agrar, and Contakt.
A highlight of the year was our members’ participation in strategic discussions regarding a potential BVB (Bucharest Stock Exchange) listing alongside the Contakt board, offering our community a rare perspective on the mechanisms of going public.
3. Responsibility and Education
We supported financial education sessions within the UTCN Student Entrepreneurial Society, laying the foundation for a healthy money management mindset for young engineers and entrepreneurs.
The CIC Community: Hiking and Shared Experiences
In 2025, we strengthened our community ties as much as our portfolios through several memorable experiences:
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Hiking and storytelling on the “Partisans’ Path” (Calea Partizanilor) in the Apuseni Mountains.
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The Gold Path at Roșia Montană: A journey with hundreds of tons of gold and hundreds of kilometers of galleries beneath our feet. From that moment to the present, the price of gold per gram has increased by approximately 34%.
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Closing the year at “The Other Christmas Market” with our friends at Urania, who were our welcoming hosts throughout the year.
Principles for a Successful 2026
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Time in the market beats timing the market: We continue to invest regularly, regardless of the noise that will inevitably appear in the markets.
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Geographic and Sectoral Diversification: Diversification remains the best advantage against risk.
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Investing in Human Capital: The highest return comes from acquired knowledge and access to a network of people with shared values.
Good luck investing in the new year!
IPO – Contakt Express Logistik S.A.
Contakt Express Logistik S.A. is conducting a Public Offering of nominative, ordinary, indivisible, dematerialized shares of equal value, each having a nominal value of 0.1 RON/share (trading symbol: CTK).
Subscription period: 15 business days, from November 12, 2025 to December 3, 2025, the last day of the Offer being December 3 at 13:00 (EET).
Number of shares offered: up to 3,660,000 ordinary shares
Offer structure:
Analysis of S&P 500 Concentration: Strategic Implications for Investors
An analysis of the S&P 500 index shows a historically high level of value concentration—a reality with important implications for our investment strategies. Although the S&P 500 is widely regarded as a standard of diversification, data reveals that a small group of companies holds dominant influence.
This article examines this trend, provides historical perspective, and discusses what it means for our portfolios. Continue Reading
Contakt finishing up on IPO preparations and listing on BVB’s AeRO market
Contakt Express Logistik, the national leader in mobile phone and tablet accessories distribution, is moving forward with its growth strategy by preparing for an Initial Public Offering (IPO) and listing on the Bucharest Stock Exchange (BVB), AeRO market. The company is currently finalizing the documentation for submission to the Financial Supervisory Authority (ASF), a key step in launching the public offering. Continue Reading
The First Carpathia Investing Club Meeting in Brașov
Investing is no longer just the domain of Wall Street experts. It has become part of the everyday lives of many Romanians looking to protect and grow their capital. Carpathia Investing Club, a community born in Cluj, is now expanding to Brașov—a city with significant potential both in real estate and on the stock market. Continue Reading
Carpathia Investing Club #26: Hiking in Roșia Montană
For its 26th monthly gathering, the Carpathia Investing Club embarked on an exploration of a national treasure: Roșia Montană. More than just a hike, the event was a deep dive into the layers of history, a lesson in value, innovation, and resilience, perfectly aligned with the principles that guide the community. Continue Reading
Carpathia Investing Club Expands to Brașov
After 3 years of building a strong community in Cluj, Carpathia Investing Club will now support the local investment community in Brașov! Starting July 14, 2025, after 3 years of activity and sustained local growth, this move represents a significant step in achieving the club’s main objective: improving the level of financial education in Romanian society. Continue Reading