Greece Is Not Spain - But Is It Eastman Kodak?

Tyler Durden's picture

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...


Eastman Kodak...


How good do you think everyone felt about Eastman Kodak in March 2010?

Charts: Bloomberg

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Mercury's picture

Do they have any patents?

NorthPole's picture

They should patent the word 'democracy' and reap monies every time a western politician wipes his mouth with it.

Mark Carney's picture

I'm guessing that the departure of Coca-Cola H. is not priced in yet, LOL!

Dr. Engali's picture

All the markets will resemble those charts in the near future.

bogbrush's picture

Greece should enforce its copyright on democracy.

Zero Govt's picture

Govt is such a great idea isn't it, no wonder it's been copied across the globe and everytime a democratic country illegally invades another (murder and mayhem but we have "higher principles" you see) the first thing the BBC reports is "installing democracy" into the pesky foreign country

Hell why not, works wonders in Greece and Ireland (both broke), fantastic job in isreal who hasn't stopped beating up on its little neighbour Palestine in 80 long years (excellence in dispute resolution) and 3 false wars going already (great on legal issues) the 'democracies' of Britain and America (both going down the toilet) are working on thugging another 2-3 countries in the middle east (sacrifice your countries economy on yet more zero-inteligence hypebollox on WMD)

Let's hear it for democratic Govt, just fucking brilliant

DoChenRollingBearing's picture

I'll pass on investing in Greece as well as Spain, France and Italy.  Have you dealt with any of their bureacracies?  We did, ONCE, in France...  (Our experience?  minus 1)  Buy anything (even a house) over there?  No way.  I'll save my money for gold and Korean bearings.

Ghordius's picture

LOL - I wish I could somehow counter this, but you are IMHO 100% right. Greece, Spain, France and Italy have terrible burocracies that hamper a lot of transactions. Though there is some improvement in the pipeline and coming out of it, courtesy of digital systems and the dreaded austerity. I had some good experiences in Spain, recently...

gold I concour, but Korean bearings? are they a commodity-like product of uniform quality and near-universal application?

DoChenRollingBearing's picture

Hyundai uses LOTS of special pieces (that few or NO ONE else makes)...  Hyundai sold more new cars last year in Peru than even mighty Toyota.  Korean bearings are almost as good as Japanese, but priced much lower.  Low price makes a BIG difference in Peru.

Good for you re Spain.  I hope that Europe makes the changes necessary to help their economies grow.  Good for Europe, good for the USA.

lasvegaspersona's picture


completely irrelevant but...

Last year I got rid of my Mercedes CL65 AMG (some fool paid $185K for it in 2006) and got a Hyundai Sonata 2T. Except for the ability to get a ticket for 95 in a 70 I like my 2T better. It is a little noisier but the ride is OK and the luxury is similar to the Benz...all for 1/6th the price...

DoChenRollingBearing's picture

+ 1

lvp, not irrelevant to me!  Wow, I am pleased that Hyundai product can rival Mercedes, Hyundai just came out with a luxury model that is going after the "entry-level" luxury car buyer.  I do hear that Hyundai's quality has come up a LOT.  Hyundai also has a model of their Sonata that is a hybrid, I have seen the car (not driven it though), it is very nice looking.

A friend of my wife's got a 1 year-old Mercedes as a gift (!).  She used to have a Mercedes a while back, she told us that her SPARE PARTS and REPAIR EXPENSES were extremely high.  Mercedes knows that their buyers have money, so they can get away with that.

HYUNDAI, bitchez!

Gene Parmesan's picture

Dead cat bounce indeed.

rajc's picture

racism is patent of Europe. blame it on the colored folks for _____________ (fill in the blank, e.g. losing soccer games). 

Ar-Pharazôn's picture

next time you have to say something stupid, plz just shut up.....

flacorps's picture

Greece is George Eastman. Why wait?

FredHayden's picture

What do you call a stock that is down 90%?  A stock that was down 80% and got cut in half.

Zero Govt's picture

after grabbing my calculator i laughed at that