“I like Greece a lot. It’s the only cheap market out there,” said Joseph Oughourlian, founder of London-based Amber Capital, which runs around $1.7 billion in assets.
Ah, Greece at Christmas. It’s still warm in the islands, the ouzo flows freely and you can celebrate the holiday twice. Also, things are looking up for the perennially-downtrodden Hellenes, both economically and politically, at least if you are like Kyle Bass and are literally counting the days until pretend-neo-Communist Prime Minister Alexis Tsipras gets the boot.
“Greece for a very long time was structurally uninvestable,” said Brevan founding partner Trifon Natsis, who will run both funds.
“For all practical purposes all the tail risks have disappeared,” he said, citing structural reforms and “very difficult measures” taken by the Greek government….
For which it will be rewarded with a crushing electoral defeat!
In another sign of growing interest in the country, London-based hedge fund Chenavari has helped finance Greek companies buying ships, and was attracted by the “very low” asset prices. “Greece is one of the most undervalued economies,” said Chief Executive Loic Fery.