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Politics : Ask Michael Burke
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To: Knighty Tin who wrote (21906)8/26/1997 10:21:00 AM
From: yard_man   of 132070
 
MB. Re: FPF. What's your current assessment? Do you still own it? Have you added a second third down here or are you waiting for the bottom?

I've been getting some anecdotal information as to why investors are wary of the Phillipines through a missionary friend. In last month's letter he spoke of the traffic problems in Manila. At first people were only allowed to drive every other day there, then a more recent appointee put rules in place that only allow one to drive for two or three days out of the week. In the same letter he spoke of recent kidnappings of executives and so forth, saying no wonder people won't invest when law and order are hardly maintained.

I guess that these are just the typical problems that one expects with a growing third world country. What do you use as a guage to determine if the climate for business is good there or is this important to your investment there? Clearly there is a growing number of firms in the US turning there for cheap labor and this is a plus, no?

One more question. I was looking at another fund, the something Manila Fund and I noticed a pretty big difference in the emphasis between this fund and the FPF. FPF seems to have real estate and banking as the chief holdings, whereas this other fund has industrials, then banks as the chief holdings. Which do you think is a better mix and why?
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