National Bank of Greece S.A. Pfd. Series A ADS NBG.P.AWD

Don't know if anyone is left on this one

[Baer1]

but it's starting to look really good. I admit that I called the bottom too soon, and that quickly became apparent. Still, I'm glad I got in. The recent price moves seem to be reflecting a desire for certainty. We all know the markets hate uncertainty, which we have had in bucketloads on this stock and the whole Greek sovereign debt issue. Now, there is a hope of certainty. Even if it is the result of a large haircut on the sovereign debt holdings, the recent bond issue should mitigate that somewhat. And a real deal for Greece, with all of its pain, will give investors some certainty of the future. I've always said that the Turkish and Balkan arms of this bank would give it legs to get through this and out the other side. A money cernter bank at these prices comes along once in a lifetime. The only question was how bad would it get before the tide turned. I think it is turning, on the barest hope of certainty, at the eleventh hour, with the buzzards circling.