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Strategies & Market Trends : Asia Forum - Investment Ideas

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To: tom who wrote (18)	3/9/1998 12:23:00 PM
From: peter michaelson	Read Replies (1) of 23

Tom: At 12/31/97, 34.81% of IF's total assets were in cash - all USD, I think, but I'm still reading. 3% at 12/31/96! If cash remains the same (doubtful) they hold $1.27 per share in cash out of Friday's NAV of $2.83 = 45% cash. If one values the cash at par, then the premium on non-cash assets is today 160%. You pay $2.60 for something worth $1.00. Amazing. peter

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