When it comes to investing and market timing the immortal words of John Templeton ring loudly in our ears;
“The best time to invest is at the point of maximum pessimism”
Just where in the world would the ordinary average investor dare not tread with respect to equity markets? We think that place would be the Greek stock market. Yes it would be a brave man to even contemplate “walking on to the floor” of the Athens stock exchange and announcing “I am a buyer”. But if you want to find deep value then look no further. The price to book value of the average stock listed on the Athens exchange is a mere 0.890! One could argue all they like about the level of growth and earnings but when we see a nation’s stock market trading well below book value we see value!
Apart from futures on the FTSE/Athens 20 Future the best way to get access to the Athens stock exchange is via the Lyxor MSCI Greece ETF that trades on Euronext (code GRE)
