What’s a Grecian Urn?
The ASE Index has 49 members and Rocky had three simple criteria:
(1) A strong balance sheet — (i.e. not a lot of debt).
(2) A reasonable return-on-equity over the past few years.
(3) Some evidence of earnings growth over the past 8 years.
Amazingly, out of 49 stocks (Hellenic Coca-Cola excluded,) only two stocks passed these pathetically undemanding tests:
Metka S.A. — a manufacturer of heavy equipment used in mining and ports. Unfortunately, this stock is actually up 3% year-to-date, so the market knows this is a decent company.
Jumbo S.A. — a chain of retail stores that sells toys and baby products. (Rocky rarely pays retail. He likes wholesale.)
Iaso, SA, a company that provides obstetrics and gynecological services did not make the cut, however, it might have been a pairs trade with Jumbo SA. (Short the OB/GYN, long the baby toys?)
[Disclosure: Rocky never gives investment advice. However he concludes that while the Greek stock market may rally on a resolution of their debt crisis, he doesn’t see any compelling investments…and the country seems to lack any listed world-class enterprises. As to the question, “What’s a Grecian Urn?” the answer is around $30,000 per year. But that’s evidently tax free, with an early retirement too.]