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Technology Stocks : InfoSpace (INSP): Where GNET went!
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To: tahoe_bound who wrote (19097)5/11/2000 2:45:00 PM
From: Pareto  Read Replies (1) of 28311
 
"out of curiosity what is your feel on the economic situation in that part of the world"

When you guys in the states were enjoying the "largest bull market of history" most of the world was enjoying the effects of the Asian crises.

The Asian crises affected all countries that relied heavily on a small number of export products. In Chile that is copper, wood products and fish meal. PIB went down 1% last year in pesos, 5% in dollars. Unemployment went up from 5% to 15%. Sales of consumer goods went down with 30%. Serious problems. Now slowly the country is recovering. It was a healthy crisis however, after 10 years of 7% yearly growth.

So when we saw that the naz went up from 2000 to 5000 and now back to 3500, we don't feel so much that you are in pain. You may have less wealth. Some people will have problems betting their house, but those were gamblers anyway.

If you want to help us out, drink more Chilean wine and come visit us. A great place with nice people.

As for the economy, companies are more focusing now on the quality of growth. Copper companies have reduced their cost with 10% and have now the lowest cost base of the world. Chilean mines produce 30% of world production.
The salmon industry of Chile started 12 years ago, now it is the nr. 1 producer in the world. Ask people from Alaska or Norway about it.

The number of internet users has reached the threshold of 5% and is now exploding. It will double to 2M this year and internet companies are popping up on a daily basis. Internet and travel are the growth industries of Chile. We are just a click away.

Chao
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