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Technology Stocks : Deswell Industries (DSWL)
DSWL 3.540-0.5%Dec 8 3:59 PM EST
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To: Ron Bower who wrote (348)12/29/1997 1:50:00 PM
From: Brooks Jackson   of 1418
 
Ron: I agree with much of what you say, and for those and other reasons I have taken a long position in DSWLF.

However, I think all of us must be alert to the fact that this company's executives are simply not, as a practical matter, subject to the same legal processes as U.S.-based companies.

The incentive to cook the books is simple -- to raise U.S. dollars from people like us.

And I do not share your optimism that the PRC "would not tolerate fraud." On the contrary, I think a major risk of investing in this company is that PRC officials would -- in a heartbeat -- screw U.S. capitalist pigs like us if and when it suited their purpose. I wouldn't be surprised to see some official -- or his kid -- trying to horn in on Deswell's profits. We all just have to accept that the Asian business culture does not adhere to the same ideas of fair play that underlie U.S. securities laws. For that reason, I count Deswell one of my riskier investments.
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