Greek Tragedy for one hedge fund is not enough stocks to buy

29 March 2019
628 Views

Amber Capital is so bullish on Greece that it only wishes there were more stocks it could buy.

“I’m super optimistic about the Greek economy,” Joseph Oughourlian, who founded the $1.8 billion asset manager in 2005, said in an interview in London. “It’s got all the catalysts in reverse versus a lot of the countries — not just in Europe, in the rest of the world. It’s got populism receding, it has the economy in a very, very strong footing, it’s got incredibly strong fundamentals.”

Oughourlian is among bulls betting that the euro debt crisis’s poster child is now the midst of a supercharged recovery after years of recession, austerity and standoffs with the European Union. Greece’s stock benchmark has jumped 17 percent in 2019, set for its best start to a year in two decades and trumping European shares’ 12 percent gain. Last year, the nation recorded the strongest economic growth since 2007, and speculation is growing that the more market-friendly opposition could replace the populist Syriza as soon as May.

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