Greece Is Not Spain - But Is It Eastman Kodak?
With Greece making headlines with extensions rumors (from the Greeks) and denials (from the Germans), we continue to hear of the resurgence in the Greek stock market. It must mean something after all - its up almost 90% in the last few months! The following two charts may give those who 'believe' a little pause for thought as the Athens Stock Index was down 91% from its 2007 highs before it rebounded and we remind those 'option' buyers that Eastman Kodak had fallen 93.5% from its highs before rebounding a remarkable 300% off the March 2009 lows, before giving up all of that into bankruptcy just a few short years later. Recency bias is a behavioral instinct that this market has become beholden to - but perhaps a step back might enable a little more perspective on just where we are.
Athens Stocks Exchange Index...
How good do you think everyone felt about Eastman Kodak in March 2010?
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