The Epic American Credit and Bond Bubble Laboratory Message Board

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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: jimsioi who wrote (22871)	12/5/2004 8:41:38 PM
From: Carlos Blanco	Read Replies (1) of 110194

To get the sector moving there needs to be a demonstration of earnings and M&A activity. The M&A activity I'd rather expect will start to be seen in the first quarter, the earnings improvements...I've been waiting and suspect they'll be selective. yep, selective is the right word. in some cases (e.g. the south africans) the deck is stacked against them due to conditions such as exchange rates over which they have no control. some months ago did a systematic pruning of my portfolio to remove all mining companies operating in strong-currency nations. for everyone else, the time has come for management teams to deliver the goods that justify the many option grants and dilutions that have occurred in 2004. wrt. the GG+WHT thing...not quite what i had in mind wrt. M&A. i'm looking more for large entities taking out undervalued juniors that make sense at fair premiums, things such as PDG+AZS or China/Korea+NTO.

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