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To: Gottfried who wrote (663)	7/5/1997 9:41:00 AM
From: Iceberg	of 1894

Herb and Gottfried, re: Hong Kong Telephone (HKT) fundamentals... Thanks for posting the fundamental information - which I must admit doesn't look like material to base a short position on at all. However, I was reacting to a Worden Brothers report on HKT that pointed to an ominous shift in HKT fundamentals (IMHO) in view of last week's China takeover of Hong Kong. Recent news is that a major British owner of HKT was being forced to sell a portion of its stake at a price set by China. I thought this was an intriguing statement from Worden's report... "We consider the relative bearish case for Hong Kong an easy call. They don't have to go down the tubes to provide opportunities on the negative side. All they have to do is fail to measure up under the totalitarian communist system as well as they have under an almost ideal capitalistic system." And, "HKT could be a better downside play than the Hong Kong market itself". This [and especially combined with bearish TA indicators] made me wonder if HKT's historical fundamental pattern will hold up in view of these recent developments. It seems to me that to buy HKT right now would be to bet on China's state involvement outperforming free capitalism. On the other hand, to short HKT would be to bet on China's state involvement underperforming free capitalism. Interesting situation, huh? I'm itching to short HKT, but I really don't know enough about all this to make an informed decision at the present time. Again, thanks for your input. Ice

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