Wednesday

It is cheap… cheaper?

Published: 07:54 - 10/12/07

In times of crisis, such as the current, most fear and tend to see all black, constantly postponing decisions on market shares because they believe that they will be able to buy cheaper later.

Sometimes, as now, concerns are justified but inflated by the increased fear of investors in other markets.

Maintaining the rate of money, for example 3mino reference Euribor, well above the rate of intervention of the European Central Bank (ECB), is one such example and by what appears to have cost several banking shares.

But stock markets are some ways to find someone if their concerns are justified basis and if the fall in stock markets.

And because Sophocleous is now a market that can not be considered without reference to the circle to which it belongs, the valuation of the European market which belongs to a large extent is irrelevant.

What then shows the P / E of pan-European index MSCI-Europe basis profits have publicly firms which are up to the 3 rd quarter (trailing);

T a business profits could ypochori provide more than 20% to align the current of R / E ratio MSCI-Europe with the average P / E of the period from 1985 until today.


The trailing P / E is now fluctuating around 13.5 against 17.5 who is the multiplier profits from 1985 until today according to estimates by Merrill Lynch.

A n compared with the average P / E from 1970 until sime time, the fall in profits justified to align the multipliers profits are close to 9% -10%.

The average P / E of the period from 1970 until today formed near 15.

Of course, the decade of 1970 was one of the worst decades for the shares because stasimoplithorismou, namely the coexistence of inflation and economic recession, marked by a strong rise in oil prices and the failure of central banks to constrain inflationary expectations.

Even if one assumes that earnings per share of European companies fall near the midpoint of the last 5 years, after European oches will be 20% and 30% cheaper based on the current P / E relative to the average of the last 37 and 22 years respectively.

The gap in R & E closes when considering that earnings per share will fall to an average of the last 10 years.

Naturally, there will be differences from market to market, across industries and companies in the same industry.

But even if one considers that the growth rate in the euro zone countries will decelerate in 2008 and net profit margins will decrease slightly, profits will either remain static or will increase next year.

In other words, valuations of European shares is not at such levels as to cause fear or concern, after Pad security.

Instead, the valuations are quite cheap and as happens in such cases, enemy of the cheap is cheaper.

But perhaps the cheapest proved that was not the most intelligent regular if the U.S. economy has gone into recession in 2008.

Thursday

South Lefkada: The unknown side of the «continental island»

South Lefkada: The unknown side of the «continental island»

O j piney slopes off harmony and «off» the sea. Well profylagmenoi coves provide the perfect refuge for dozens of vessels. Aplotes beaches, resorts and polykosma around, as kataprasines pots in a blue garden, young smaragdenia islands. This is today's tourist profile of Lefkada. The whole island is a natural attraction. It is important to know both their coastal villages and mountain villages are x tismena inside the green nature. Behind the standard setting, methodefmena stinetai every summer on the beaches, with canteens, the colorful umbrellas, deckchairs and iliokamena bodies, lies another world, modest, perhaps less impressive, but absolutely genuine, natural and humane. We Lefkada worth the search. Using as a starting point well known and well-organized resort as the Royal, attempted escapes in the south - and many more interest-edge «sterianou island», as accustomed to the locals call their island, because of the short distance to the separates from the mother land of Epirus.


The secret of the Royal
O The two main roads at the west and the east coast of the island converge on the bay of the Royal, «hiding» behind the termination of rocky cape Lefkata. The area in recent years has developed enough and today is one of the main attractions for visitors Lefkas. The small harbour and of course the well-sandy beach are the main qualities of the region and around them have developed most shelters, many restaurants, tavernas and a brilliantly organized camping. But what makes this beautiful port to be at the top of the preferences of visitors is a «secret» who are knowledgeable in the «fun» of the sport of windsurfing and beyond. O bay of the Royal is among the 10 best regions in the world to windsurf! This is due to a local meteorological phenomenon. While generally the sea is calm in the region, a few hours at midday and afternoon pneoun strong local winds that give great speeds safely and amazing performance of all young sailing. Thus, by the middle of the June to September, water sports lovers from across Europe, but mainly from Italy, England and Germany, are flooding the region with colorful sails create pleasant compositions on the blue Sea. Of course, the organization of the region is such that favours those involved in sports of the sea. In addition, the Royal, as it has significant infrastructure for accommodation, can be used as a springboard for trips in the nearby hinterland and inland villages of the island, but also for destinations coarse land of Cape Lefkata and steep beaches. Finally, here salparoun daily ekdromika small vessels for near Fiskardo of Kefalonia and Ithaki, Kioni.


5 things you should not miss
● Vouties in absolute blue Porto Katsiki or Egkremnon.
● Noon with ouzaki astakomakaronada and the fjords of Syvoton.
● Sunset with colors magically from the lighthouse of Lefkata or even from Athani.
● Morning tour with a cool breeze on the rocky and forest roads conditions Stafrotas.
● A one-day excursion by boat to caves in nearby Meganissi (ekdromika boats leave from Nidri and Royal).


In Kavos Kera
South and west of the small port of the Royal, who like Wedge trypa for eight whole kilometres Ionian, is on the horizon of the rock Lefkata. Kavos Duchy, cape Nira, Kavos Kera and cape of Lefkata. M with these names recorded history of human presence thrylikis this akrogonias of the island. The strange geology of the region has created a wild and afiloxeno landscape that has linked his name with many local legends and traditions. In this corner of lefkaditikis land, said that people did anthropothysies to exefmenisoun thymomenous the gods of the sea, and later erichnan thence up the condemned to death and if someone glitone, charizan life. In ancient times, there was a place of worship Lefkata Apollo and had built sanctuary dedicated to the god of Light. From here jumped the gap to Venus to shed its tortuous desire for the Adoni. According to tradition, from here also shattered the Sappho and lost in the dark waters of the Ionian Sea, giving the cape called «Kavos Kera». Today, sklirotrachilos a dirt road continues from Porto Katsiki, strifogyrna briefly between forests of pine trees, olive groves and vineyards, crossing the strait rock that holds the cape tied to the rest of the island and ends at the forecourt of the lighthouse, which overlooks the edge of Lefkata . In the course of the journey, you will have the opportunity to see from various parts of the enormous rock.

O j excursions
Sivota - Small Gialos east of Royal, will find Sivota. The small village «nests» in his arms apanemou bay is the favorite araxovoli for dozens of sailing. Of course, tourism has managed to fly up and down. But the old buildings are in port if I have changed use, housing and most restaurants and cafes, retain full their original characteristics, so the visitor can get an idea of island architecture. Syvota not have good beaches, but is known for excellent fish restaurants.
● Returning to the main road continues for Nidri, 3 kilometers to find the crossing and will katiforisete for evergreen kefalochori Resource and kouklistiki votsalia of Short Gialou, where there is relatively good infrastructure. For lonely situations will search for votsalies Ammouso, Afteli, accessed easily from Marantochori, and the cove Agiofylli. More easily, but you can get with ekdromiko vessel from Basel.
Porto Katsiki - Egkremnoi From the Basilica, will aniforisete the asphalt but with many bends in the road that leads mountainous kefalochori St. Pierre, enjoying the best view of the region (6 km). It will then go to the village Dragano. We pass the village of Athani and will find yourself in Porto Katsiki, perhaps the most beautiful and most famous beach of Lefkada. --
● Those who seek peace, can only seek the beach Egkremnoi, also approached the village with Athan difficult downhill path and then falling almost 400 steps. The inconvenience is worth it, since the region strongly reminiscent of Porto Katsiki on magic moments, the 80s, before discovered by many. Very good choice is the beach Gialos, which approached from the village of Athani (there are signs).

On the way to the Basilica O Most, in order to reach the basilica, following the busy road that runs the eastern coast of the island and passes through the polykosmo Nidri. Of course, the Royal can also be reached by road beset with vastly ... strifogyrismata, trying to follow the contours of the western coast. The route, although it has many bends, we unreservedly recommend taking the course will enjoy some of the most interesting landscapes of the Mediterranean. Starting from the capital, katefthyneste to Tsoukalades. The route to San Nikita (14 km) is more or less known. The forest, steep coast, overlooking the lagoon and open Ionian combined with a unique way. In short parakampseis will katiforisete for votsalotes beaches Kaminia and Gialos, pozaroun by tall pines in pnigmenes. Before you arrive in San Nikita, will see the beach aploti Pefkoulia. Just south of San Nikita (3 km) is a beach chair. It provides all the facilities and is easily accessible. Then, following the new asphalt road that passes through villages Chortata and St. Pierre will draw in Basel, having travelled together from the capital 35 kilometers. From the mountain village of Kalamitsi, approached by San Nikita with asphalt road (7 km), will katiforisete in narrow streets on quiet beaches Avali, Theotokos and Gaidaros.

INFO
How to get there: Lefkada refrain from Athens 380 kilometers through Rio-Antirio. From Thessaloniki you go through 420 km of Ioannina. The new bridge over the Rio-Antirio, the floating bridge linking Lefkada with the mainland, and the underwater tunnel Aktio-Preveza serving excellent movements. Petrol stations are located in Basel and the road Lefkada-Nidri-Basilica.
Where to stay: Basilica: Inside the village and along the beach there are many complexes rented rooms and apartments. Examples include the following: «Apollo», tel: 26450-31.122, «Points Bits», tel: 26450 -31.572, «Odeon apart», tel: 26450-31.918, «Grand Nefeli», tel: 26450 -- 22.084, «Porto Fiko», tel: 26450-31.467, «Akrogiali», tel: 26450-31.451 and «Kalias», tel: 26450-31.033.
Small Gialos: Near the lovely votsalia will find the following: «Brunswick», tel: 26450-95.125, «Kapten Nick», tel: 26450-95.731, «Ionion», tel: 26450-95.110, «Rouda bay» Tel: 26450-92.268, «Kavourakia», tel: 26450-95.038 and above the campsite, «Poros beach», tel: 26450-95.452.
St. Nicetas: Examples include the following: «Santa Marina», tel: 26450-97.455, «Agios Nikitas», tel: 26450-97.460, «Kalypso», tel: 26450-97.332, «Nefeli», tel: 26450-97.400, «Odyssey», tel: 26450-97.351, «Ostria», tel: 26450-97.483 and apartments «Pantazis», tel: 26450-97.327.
Where to eat: Both the quay of the port of the Royal and the beach, there are many restaurants and taverns. Proven for fresh fish, fish soup and steamed is the tavern «Dolphin». For something different, you go to a Chinese restaurant «JASMINE GARDEN». In Sivota, taverns «Stavros» and «Spyridoula» have their own boat for fresh fish and steamed for you go to «Old Warehouse». On the road to Porto Katsiki, in pefkona, operates the restaurant «Oasis» and the village of Athani the tavern «Lefkatas». At the beach of Short Gialou, on the wave, you'll find an excellent tavern «Rouda» (try with cuttlefish ink and kolokythofai).
O j events: In the town of Lefkada held every August, for 50 years, «For festivals and art». Information in the Office of the Municipality of Lefkada, tel: 26450-23.000 and 23,354.
Useful telephone numbers: City of Lefkada, tel: 26450-23.000
● Apollonioi (Basel), Tel: 26450-31.930
● Police Royal, tel: 26450-31.012 ● Port Lefkada, tel: 26450-22.322.

Hostel: Ios, «Liostasi»

Hostel: Ios, «Liostasi»

The «Liostasi» summarizes the image and character of Ios. In this island «cycle» around Delos, the visitor excite the two opposite sides of the Country: introversion and exostrefeia. As antikrizeis away from the country - and there are many hills around her to-do, you can not imagine that this Cycladic ... doll with a body totally traditional means of thoria hide from some time and after such a lively nightlife. When, however, get inside this seemingly perikleistis state, all the arteries, the narrow alleys and cobbled streets leading to the balconies of Gkremiotissas, to escape the look you in the sunset and beauty. Somewhat thus run and the hotel «Liostasi». Built in «edge» Country, high above the port of Gialou is outward-looking traditional appearance, but mid-masks a good and vigorous life.
Liostasi is the field where the family took the oil. In the Aegean islands and Io, with inclined soil, soil and trees keep the dry walls. These dry walls dominate the view. Ftaneis outside the door, taking the amaxito road that starts from the port and goes to the Country. For the romantic, still charming cobbled road linking different path from the Country with GIALOS. The neoklasikizousa admission, parking, admission and the first double-decker island houses with rooms, with white «points» ochre and wooden bars, at this higher level of the hotel. From the reception area pop in dining, pool and vgaineis anoigokleineis your eyes initially by the dazzling sun of the Aegean after the beautiful view. In one corner is the outdoor bar, while under the arches of the dining wait welcoming sofas with colorful fabrics and tables with chairs. But the most attractive are open seats and chairs that have filmed their backs to the pool and look down, in the Gulf of Gialou and the sea. This piece of the hotel «show» on the hill that hides the Country and has been at the top of the four characteristics churches. From here start to the bottom of the stairs leading to other levels of the hotel. The color of the stone jars fun with geraniums in various corners.
The rooms, all face in the Gialo, is simple and comfortable. They have sitting room inside and outside, for easy enjoyment of the view. Apopneoun a cool breeze hospitality, which is blowing in all areas of the hotel. Perhaps because the owner, Mrs Rosemary Denaxa, almost live inside the hotel and seized personal and paramikris detail. The same deal with breakfast, local produce, such as acid, a soft white cheese. The same mageirefei traditional dishes, such as tsimetia (anthoi kolokythias gemistoi with rice), chickpeas (and this favorite food of the Cyclades who do and keftedes), etc., for lunch or dinner.
One of the favorite places of the hotel is Spa, which offered treatments for face and body, with the ultimate aim of mental serenity and balance. Others left the beneficial properties of the pool jacuzzi and other exercise in the gym. All, however, delivered an hour of sunset in the enjoyment of the Aegean twilight ...




info
Liostasi Ios Hotel & Spa,
Ios, Cyclades

Information-Reservations
Tel: 22860-92.140, fax: 22860-92.680, e-mail: info@liostasi.gr,
site: www. liostasi.gr

What to know
The hotel is open from mid April to early October O. It has 27 rooms and three suites. All places of residence have air conditioning, satellite television, music, digital phone, Internet access, safe, mini bar, hairdryer, k x allyntika and 24-hour room service. O prices ranging from 180 to 290 € the high season. These include transportation to and from the port.

How to get from Piraeus, with modern vessels (3.5 hours), Tel: 210-41.99.100 and conventional (7 hours), Tel: 210-89.19.820.
The Country is 2 kilometers from the port of Gialou. Perhaps to start again their routes from the Faliro ydroplana.
http://www.ati-advertising.com