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Strategies & Market Trends : Telebras (TBH) & Brazil
TBH 0.579-3.1%2:22 PM EST
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To: David R. Doerr who wrote (322)10/30/1997 7:33:00 AM
From: Fred Levine  Read Replies (1) of 22640
 
David--You are absolutely correct that the currency risk allows for the low PE's. This part is a gamble and the real has been under pressure. Todays WSJ stated that it survived an onslaught, but that more threats appear. In fact, rumor on CNN is that bans will be downgraded because of this. However, even if the currencies are devalued 20-30%, the PE's are still very low for a growth industry.

good investing--fred

ps--today will be an interesting and defining day. I expect recovery in the afternoon.
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