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  • Citigroup Is A Bargain As The Shares Will Trade At Book Value [View article]
    I am a buy and hold since early 2009. My return is 50%, one third that of the market. I keep reading about future potential, have not seen it yet. I will continue to hold and get back to you in a few years again.
    Mar 19 12:36 AM | Likes Like |Link to Comment
  • The EU is preparing to take the apparent non-template that is the Cyprus bailout and incorporate some elements of it into a new law that would force haircuts on large deposits in banks that fail, economic affairs chief Olli Rehn has said. Bundesbank Jens Weidmann says that the Cyprus crisis shows that banks can be wound up. Along with Rehn's comments, it also shows that depositors' money is no longer safe in Europe. [View news story]
    Great equality in the world! When Russian Money builds mega-yachts in Hamburg it is clean money but when it is parked in Cypriot banks is dirty money and we can send it to the barber. Somebody stop them before the so called Union falls on all our heads
    Apr 7 09:11 AM | 1 Like Like |Link to Comment
  • "Those who bet on Greece collapsing and the EU being seriously wounded will lose," says Greek PM Samaras, following a meeting with Angela Merkel (whose visit to Athens unleashed a major protest). The Greek people are bleeding, he says, but determined to stay in the euro. [View news story]
    At least we have a sense of humor. Police arrested an american living here in Athens who was running totally naked through the demonstrating crowd. The funny side of it is that they arrested him not for being naked in the streets but for not carrying his passport. I guess he didn't have where to put it
    Oct 10 01:44 PM | Likes Like |Link to Comment
  • Drawing "full-on" laughter, Spanish finmin Luis de Guindos tells a London audience Spain doesn't need a bailout at all. His attitude illustrates the point that the ECB bazooka in pocket has calmed markets enough for Spanish politicians to reject taking on a rescue. It also means this isn't over - at some point markets will force the issue. [View news story]
    It's their own banks and pension funds, just like they did here in Greece when our own finance minister was crying the same
    Oct 5 02:26 AM | Likes Like |Link to Comment
  • Why A Greek Exit From The Euro Isn't Inevitable [View article]
    Unfortunately we do not have any real leader and have not had one for a very long time. It takes guts to do the simple things but my politicians just care about their bank accounts. Anyway, the offer for the top job stands until next election, which will not be long from now. If you change your mind I'll be here to organise everything!
    Jul 31 02:08 PM | 2 Likes Like |Link to Comment
  • Why A Greek Exit From The Euro Isn't Inevitable [View article]
    You, my friend, are the first sensible voice I heard in the last three years. Would you like to run for prime minister in my battered guinea-pig of a country?
    Jul 31 01:35 PM | Likes Like |Link to Comment
  • Why I Prefer National Bank Of Greece Over Bank Of America [View article]
    The risk in NBG is not if Greece leaves the euro, rather the terms of re-capitalization that are set. Under recent rumors, nothing final yet, the Greek govt. wants the existing shareholders to put up 10-15% of capital and the rest will come from the ESF. Major shareholders of NBG are Greek pension funds, the Greek church and several institutional investors, all of whom have been also heavily invested in Greek bonds that were treated with a very nice haircut. I am not sure that they will be able to raise the funds to get involved in the recapitalization proccess under current terms.
    The plan says that if major shareholders can not come up with the minimum 10% of the recap funds then the bank will be nationalized.
    Given these conditions I think we should wait and see the final plan and how it will play out, before making a decision to jump in.
    My opinion is that this saga will play on for years to come. First recapitalization then reverse split, then more loan and bond losses, then recapitalization again, then gov't selling it's stake, then better environment, then rise in value. So if you have 5-10 years to wait and are ready to keep increasing your stake then go ahead and play the game.
    Jul 18 01:47 AM | 3 Likes Like |Link to Comment
  • Official projections show the establishment (pro-bailout) parties - New Democracy and Pasok - with enough seats to form a government in Greece. New Democracy is projected at 30.1%, Syriza at 26.5%, Pasok at 12.6%. Pasok indicates it will provide the votes to create a majority but will not take part in the government, reports Dow Jones. The euro is buying $1.2705 vs a Friday close of $1.2638.  [View news story]
    Great!! we voted for the same people that loaded us with debt and made my country the financial clown of the world. Thing is everybody is relieved we did so. Am I missing something?
    Jun 18 12:32 AM | Likes Like |Link to Comment
  • Have The Bears Taken The Euro Low Enough? [View article]
    Don't short the euro, short german bonds instead. It is a much better risk-reward trade. It will not be long before the markets figure out what is hiding behind the beautiful numbers Germany keeps putting out. When the people around you, your clients, are broke then it won't be long before you are broke too
    May 24 03:35 PM | 1 Like Like |Link to Comment
  • Alongside a wave of regulatory investigations hitting market sentiment this afternoon, former Greek PM Papademos tells Dow Jones preparations for Greece exiting the euro are being considered; the risk of leaving is real. Estimates of a cost of €500B-€1T underscore the magnitude of the consequences, he says.  [View news story]
    Whenever my politicians speak I get deeper and deeper in the hole. I wish I could stay off the news and I will be fine
    May 23 01:19 AM | Likes Like |Link to Comment
  • Greece: Not A Hopeless Basket Case After All? [View article]
    Unfortunately for me I am run by lazy idiots that come from 2 generations that have killed everything good in my wonderful country. It is the case of people in power that have never run as much as a kiosk, trying to run a whole country. The results are known around the world now.
    May 10 08:27 AM | 1 Like Like |Link to Comment
  • Greek Euro Exit: All Pain And No Gain? [View article]
    Under high inflation you have no chance to be financed, competitive or profitable in an economy that has limited natural resources and most of raw materials are imported.
    On the other hand a steep cumulative recession of 30-35% is not a walk in the park either. Under a situation like ours one hopes that the depression will hit and demolish the parts of the distorted economy that existed, leaving the healthy parts very lightly wounded.
    On the social side, measures have to be taken to sooth the impact on the unjustly hit in order to avoid social unrest that is natural when you halve somebody's income and double his taxes.
    The other major point is that people do not trust the leadership and feel that a return to the former currency will allow politicians to do the same tragic mistakes over and accumulate another massive debt very quickly. This is very real among Greeks now.
    Overall I think, numbers aside, we are handling it quite well. If the changes that are taking place now, here, were done anywhere else in Europe there would have been civil war. On the number's side I think only history will tell. None of the theories will exactly match our example. The reason is that the financial situation here was so distorted and conservative at the same time that the starting point is different so the results will never come out as expected. This is also characteristic of us as people, in general, we have a hard time fitting into norms. We are capable of the best and the worst when you least expect it
    Mar 21 03:13 PM | 1 Like Like |Link to Comment
  • Greek Euro Exit: All Pain And No Gain? [View article]
    I think all people that have not actually lived under 30% inflation and have never lived in Greece should be prevented from writing articles on this subject. The large majority of Greeks that have done both are more than willing to bear with all the austerity than go back to the drachma and there lies your answer.
    Mar 21 02:20 PM | 1 Like Like |Link to Comment
  • Bank Capital And Short-Term Greediness [View article]
    I don't get what people want from banks in the end. They want them deleveraged but at the same time make create lots of profit. They want them to make lots of loans to everybody for the general good of the economy but at the same time have high capital reserves so they don't fail again. Regulators want to tell them how to run their businesses and what to have on their balance sheets, when to give dividends and how to handle the relationship wth their own investors. All of these can not be done at once. Let's make up our minds and then leave them alone to fail or succeed
    Mar 16 09:05 AM | 1 Like Like |Link to Comment
  • Greece says €172B of bonds were tendered by private investors in the debt swap, making the participation rate about 86%. (PR)  [View news story]
    Listen to this!! According to reports if the participation on the whole process is over 90% the process is deemed successful but the bonds not rendered for exchange are paid in full.
    Two of the Greek Funds that have refused to include their bonds to the PSI are 1)the fund of the Greek Finance Ministry workers (some of the highest paid Greek civil servants) and 2) the journalists fund.
    This is the definition of insider information. I am starting to lose hope that anything will ever change in my beautiful country.
    Justice is never served for the little guy
    Mar 9 03:10 AM | 1 Like Like |Link to Comment