I took a small bite of Commerzbank AG (CBK.DE) this morning, buying 2,000 shares at €1.77. The Renewable Man probably won't like my decision considering he said he wanted to see it climb back above €2; I looked in my crystal ball and saw a US dollar without legs eating a bowl of Greek salad. Mr. The Renewable Man, German banks have only one way to go from here and that is up.
I know, I know, Commerzbank can still drop, but the question I keep asking myself is this: What else can the West do but throw more and more money at the already unsustainable debts? Okay, so the debts become beyond serviceable and all blows up. Sure, but that will be a few years down the road. All is pure fantasy in the meantime and this fantasy will lead to one of greatest so-called bull markets in history.
Why Commerzbank? I've always rooted for underdogs and Commerzbank is more than an underdog: it's road kill save for the monetary fantasy that will send us to the moon and then deposit us into hell. And Germany's second-biggest bank is dirt cheap here considering its fantasy capital position after its hybrid debt swap.