Name: ギリシャの神託に耳を傾ける：株式の強さは神話ではありません｜ショートビュー (Listen to the Greek oracle: stocks' strength is no myth | Short View)
Uploaded: 2021-01-14T07:12:30.000Z
Duration: 2 min 13 s
Description: VoiceTubeの動画で発音を聞きながら英語表現を覚えよう！学べる英語：

When debt markets and equity markets are telling completely different stories,

it can be highly profitable to pay attention.

上級受動態

A pronounced example of this can currently be seen in Greece

where its equity markets are sharply lagging Greek government bonds

that have rallied during the country's recent emergence from an economic depression.

then Greek stocks should be one of the better performing markets next year.

showed its sixth consecutive improvement in manufacturing conditions

whilst employment growth was at its highest in the 18 years the survey has existed.

This consistently good news can be seen in the, albeit illiquid,

which has fallen from over 7% at the start of the year to 4.3% today.

The Athens composite stock index, meanwhile, is up just 16% year to date.

There are some technical factors behind Greece's stock market

lagging behind the improvements seen in its government debt and economy.

Many Greek stocks are tiny in terms of market capitalisation

meaning few analysts bother to cover them and large funds are unable to own them.

Psychologically, professional investors remain traumatised

from their prior experiences investing in Greece

and may not yet be willing to take the career risk of distancing themselves from the herd.

Few also are likely to bother to look beyond a headline price to earnings multiple of an index

that is heavily distorted by its weighting of banks.

But for more nimble stock pickers, there are certainly opportunities.

A number of Greek industrial stocks have strong balance sheets

and trade at undermining multiples of free cash flow.

Those looking for a racier, although fall riskier option, can choose Greek banks.

Not only are they the most economically sensitive sector,

but these lenders have very high capital ratios, trade at large discounts to book value,

and operate in a highly consolidated retail banking market

which in the future should become very profitable.

Either way, betting on Greece may become one of the trendier trades in 2018.

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ギリシャの神託に耳を傾ける：株式の強さは神話ではありません｜ショートビュー (Listen to the Greek oracle: stocks' strength is no myth | Short View)

depression

multiple

crisis

completely