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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (31922)	9/4/2008 4:46:01 PM
From: E_K_S	Read Replies (2) of 78921

It's very frustrating with PBR as I just added a few shares less than 30 days ago and it is already down 12%...Ugh!. I wonder if the market is concerned about some possible "new tax" announcement scheduled for September 19, 2008. Jurgis posted this article yesterday from the Economist economist.com From the article:"...A government committee is looking at how best to increase the state’s oil take, and will give some preliminary findings on September 19th. One of two options seems likely. First, as has been suggested by President Luiz Inácio Lula da Silva and by his energy minister, Edison Lobão, the government could create a new company that would partner any firm (including Petrobras) exploring in the pre-salt areas that have yet to be auctioned. Second, taxes on profits could be raised for new concessions. Either change is likely to need ratification by Brazil’s Senate....". =============================================================== I am increasing my other Brazilian bets with ULTR, GGB, RIO and DPDW because irrelevant of any extra "country" tax, I believe these companies will benefit significantly from the build out of the deep water Brazil oil fields. It almost looks like what Canada did with their proposed increase oil royalty "tax" on Canadian Oil Trusts. I sure hope there is not a similar proposal in the works for PBR and their oil partners. EKS

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