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Politics : Ask Michael Burke
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To: ild who wrote (91629)8/8/2001 11:44:19 PM
From: Joan Osland Graffius  Read Replies (4) of 132070
 
ild,

IMO, the Aussy $ is under priced relative to the US $, but I have been thinking this for a year. <g> I have been accumulating FAX for a year. I keep buying it as it trades a % higher in yield than my last buy. This instrument has some risk since they are paying out some capital as dividends. I also own IAF, but only have a 1/3 position since it has not hit my criteria for a 2nd third. I have been watching WMC, but have not bought yet. If we are going to have a global recession the stock will probably trade lower. There was a rumor that AAUK was going to buy them, but nothing has happened.

I think at minimum the Aussy $ is worth 62 cents to the US $ and certainly could trade at 70 cents to the US $ if the US $ gets sick.

What is there not to like about the country. They don't pick fights with anyone; the Australian market had the lowest volatility in the world since May 1993; people who work in Australia make a living wage; the only news in the country is the past behavior of their government leaders, and the people are honest and have integrity.

The country conducts most of its trade with Asia and most of that is natural resources. They provide alot of raw materials to Japan.

I do have a couple of Merrill Lynch write-ups on FAX and IAF. I am not in love with Merrill Lynch research, but it gives one some information on what they are thinking. If you send me an email at graffius@winternet.com I will send them back to you. The write-ups are in PDF format.

Joan
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