“There are signs that some sectors have already reached competitiveness, with hotels enjoying a bumper season after slashing prices. We’re also attracted by the bargain-basement nature of Greek stocks, which trade at a cyclically adjusted price/earnings ratio (Cape) of three, and at a hefty discount to the reported value of their net assets. Obviously, the banking sector is one downside risk. It’s possible that it could be taken over by the state, with shareholders getting little or nothing. However, banking stocks only account for around a fifth of the Greek stockmarket. So we think it’s worth taking a punt on Greece.”
http://moneyweek.com/double-down-on-greek-stocks/
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