Seeking Alpha

Paulson buys Greece (Klarman too)

  • Funds run by John Paulson have joined those of Baupost, Eaglevale, Falcon Edge, York Capital, and Och-Ziff in investing in the recapitalized Greek banking sector, reports the FT.
  • "We think Piraeus (BPIRY.PK) and Alpha (ALBKY.PK +12.9%), two banks we have a position in, are now very well capitalized and poised to recover," says Paulson in a statement. Encouraged by rising exports and a rebounding tourist sector, Paulson expects the economy to bottom this year and begin recovery in 2014.
  • Also among those recapitalized by the Hellenic Financial Stability Fund is National Bank of Greece (NBG +12.9%). The Greek ETF (GREK +3.3%).
Comments (4)
  • jsIRA
    , contributor
    Comments (2423) | Send Message
     
    I have been patiently holding NBG and it paid off. Up almost 100% from my second buy.
    7 Oct 2013, 01:32 PM Reply Like
  • Derek A. Barrett
    , contributor
    Comments (3534) | Send Message
     
    Nice work, that was high risk grats the big return you deserve for holding steady when everyone else was panicking
    7 Oct 2013, 03:05 PM Reply Like
  • TruffelPig
    , contributor
    Comments (4059) | Send Message
     
    Congrats! Agree with Derek - well deserved!
    7 Oct 2013, 05:19 PM Reply Like
  • taharqa11
    , contributor
    Comments (31) | Send Message
     
    My IRA is up 30% this year alone excluding contributions, and I was only invested 50--60% in equities. Invested almost exclusively Europe since the beginning of the year (SAN, NBG, RBS, IRE, GREK, ALU, NOK). If I don't get stupid (a distinct possibility) it's one less year I have to work in the future. Hooray for the PIIGS!!!
    7 Oct 2013, 04:09 PM Reply Like
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