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Rubicon Associates is headed by a Chartered Financial Analyst with over 20 years of experience in the investment management industry focused on the analysis, investment and management of fixed income and preferred stock portfolios. Over the years, he has analyzed and invested in both public and... More
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  • Greece - Giving The World The Finger 7 comments
    May 8, 2012 2:24 PM

    Gotta love the Greeks: (Barcelona) - Alexis Tspiras, the leader of Greece's radical leftist Syriza party said on Tuesday that the bailout agreement became "null and void" after the elections and demanded that an international commission is formed to examine the legality of the Greek debt and that a moratorium on Greek debt is established.

    Tspiras was asked on Tuesday by President Carolos Papoulias to create a government after Antonis Samaras, the leader of New Democracy - the party which garnered the most votes, resigned from forming a cabinet due to problems with attaining a coalition.

    I wish I could say I didn't expect this, I really do. We are only in the 5th inning here folks.

    Disclosure: I am long NBG.

    Themes: greece, euro
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  • Interestingly the Golden Dawn have won their first seats in Parliament ever? It almost seems as if history is repeating itself when the IMF measures and economic shock therapy failed in post-communist Russia there was a resurgence in the nationalist far right and the reactive populist left.
    8 May 2012, 09:30 PM Reply Like
  • Author’s reply » We have seen this show before. Austerity breeds nationalism which breeds extremists which leads down dead end roads. I wish I could be more optimistic.
    8 May 2012, 10:11 PM Reply Like
  • I agree, it will be interesting to see how it plays out, but at this time I believe that politically the situation can only get worse. There are deep seated social, economic and political problems in Greece that lead all the way back to the Greek civil war.
    9 May 2012, 01:02 AM Reply Like
  • Why are you long NBG?
    10 May 2012, 05:16 AM Reply Like
  • Author’s reply » Because I am the dumbest son of #@&*. Honestly, got long NBG at what I thought was the low and the position was more like an option on the country's banking system (NBG is the dominant player) and hence the country. You can see how that is working out. The position was small (is smaller), so now it is an OTM option on the return of sensibility I guess. Well, that and positions like this keep me humble and suspicious (and unfortunately cynical - like being a credit guy doesn't do that already).


    I appreciate your reading and commenting, Mike
    10 May 2012, 01:41 PM Reply Like
  • I bought the NBGPRA while it was still paying a dividend. I bailed out at $11 when the dividend was suspended. Do you think there is any chance it will be started back up again. Is it worth a speculation at $3.50 a share.
    11 May 2012, 10:17 AM Reply Like
  • Author’s reply » Honestly, I don't think there is value in the pref right now. Greece is on the edge of a cliff, should they jump everything will get crushed. The risk is just too great to commit capital at the moment.
    11 May 2012, 12:51 PM Reply Like
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