My Yiayia (grandmother) never quite understood the stock market. To her, money was best kept under a mattress (metaphorically, of course – she preferred a sturdy, old-fashioned bank account). But she did understand OTE. The Hellenic Telecommunications Organization. To her, and to many Greeks of her generation, it was more than just a company; it was a symbol of national pride, of progress, of connection. And, for a time, it was my own personal financial odyssey.
I remember when OTE went public. It was the event. Everyone was talking about it. The hype was incredible. Even Yiayia, usually wary of anything remotely speculative, considered buying a few shares. I, fueled by youthful exuberance and a freshly-minted economics degree, jumped in with both feet. I bought a substantial (for me, at the time) amount of OTE stock.
My initial investment felt like a rollercoaster. The early days were thrilling. The price soared. I felt like a financial genius. Dinner conversations with my family revolved around OTE's latest climb. I even started sketching out plans for a trip to the islands, financed by my telecommunications windfall.
Then came the reality check. The dot-com bubble burst, global markets wobbled, and OTE, like many telecom stocks, took a hit. A big one. My island dreams evaporated faster than a shot of ouzo on a hot summer day. I watched, helpless, as my "sure thing" plummeted. Yiayia, bless her heart, simply shook her head and offered me another slice of spanakopita, a silent "I told you so" baked into every flaky layer.
I held on. Partly out of stubbornness, partly out of a lingering belief in the company's long-term potential, and partly, I admit, out of a sentimental attachment. OTE was, after all, part of the fabric of Greece. It was the company that connected families, businesses, and the diaspora. It felt…wrong to sell.
The years that followed were a mixed bag. There were periods of recovery, followed by setbacks. Dividends provided some small comfort. I learned, the hard way, about market volatility, about the difference between speculation and long-term investing, and about the importance of diversification (a lesson Yiayia would have wholeheartedly endorsed).
I still hold a smaller portion of OTE stock today. It's no longer the cornerstone of my portfolio, but it remains a significant holding. It's a reminder of that early, heady investment, a link to my heritage, and a constant lesson in the ups and downs of the market.
Why do I still hold it, even after the rollercoaster ride? Several reasons:
Fundamental Value (Now): OTE has undergone significant transformation. It's no longer the bloated, state-influenced entity it once was. It's streamlined its operations, invested heavily in fiber optics and 5G, and expanded into new markets. It's a much more competitive and, arguably, undervalued company.
The Greek Economy's Potential: I believe in the long-term potential of the Greek economy. After years of austerity and hardship, there are signs of a resurgence. Tourism is booming, foreign investment is increasing, and the government is (slowly) implementing reforms. As the Greek economy grows, so too should OTE.
The Dividend (Yield appeal): OTE has a history of paying reasonably consistent dividends. While not always spectacular, they provide a steady income stream, which is particularly attractive in the current low-interest-rate environment. It is an appealing part to owning the stock.
Sentimentality (The Yiayia Factor): Yes, I admit it. There's a part of me that holds OTE for sentimental reasons. It's a connection to my roots, a reminder of my family, and a symbol of my (perhaps overly optimistic) faith in the future of Greece.
Would I recommend OTE stock to everyone? No. It's still a relatively volatile investment, and it's certainly not a "get rich quick" scheme. It requires patience, a long-term perspective, and an understanding of the Greek market and the broader telecommunications sector.
But for me, OTE is more than just a stock. It's a story, a lesson, and a small piece of my Greek identity. And that, as Yiayia would say, is priceless. It's a reminder that sometimes, the most valuable investments are the ones that connect us to something bigger than ourselves.