It's official: Greece will soon leave the Eurozone.
But after years of scaremongering, a burgeoning debt pile and rising unemployment, does it really matter to us here in Australia?
I don't think so…
Indeed, despite Australia's premier financial news outlet today mentioning "Greece" five times on the landing page of their website, I think it's not that important to your share portfolio.
You see, the problem is markets hate uncertainty, which, therefore, creates volatility.
However, the adage that volatility is the friend of the long-term investor is undoubtedly true, and local investors fearing the implications of a 'Grexit' will miss opportunities to top up on some great stocks.
While I'm not a buyer of Wesfarmers Ltd (ASX: WES), Telstra Corporation Ltd (ASX: TLS) and Westpac Banking Corp (ASX: WBC) shares at today's prices, each company deserves a spot on your watchlist today.
Wesfarmers derives nearly all of its revenues from Australia and New Zealand, so I doubt it deserves to be heavily sold off on the back of European concerns. Sure, there are input costs that come to the company from world markets, but its shares have fallen almost 6% over the past month with little explanation.
Although I'm on record as saying I'm not a buyer of Wesfarmers shares today, if prices keep falling, I'll be tempted.
Then there's Telstra Corporation, which generates just 7.7% of revenues offshore. Arguably, Telstra shares currently trade around fair value, but if they fall below $6 per share on no news, they'll certainly be worthy of a second look. Especially, with its juicy 4.9% fully franked dividend!
Finally, Westpac shares have been discounted a huge 18% over the past three months on the back of a bleak economic outlook, $2 billion capital raising and, more recently, Grexit concerns. However, Westpac appears a financially robust bank, with good profitability and a strong capital position.
Despite their current lofty valuation, if Westpac's share price continues its current trajectory it could soon be in a position to offer much greater value to prudent long-term investors.
A better dividend stock than Westpac
