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Strategies & Market Trends : HONG KONG

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To: Tom who wrote (961)	12/7/1997 3:53:00 AM
From: fred douglas liebling	Read Replies (1) of 2951

Hi Tom! I bought Cheung Kong twice at a cost of under 6.375 so I'm happy to see some green in a sea of red. Still holding Guangdong and Guangzhou at a huge loss and plan to see it through; but in a strong rally I'd be tempted to sell at least part of these positions. As Tom said in the Thai folder, it all depends on their willingness to keep the dollar peg. Obviously I'm betting they will, but due to the uncertainty in China and the potential for trouble in Russia and eastern Europe, I am building up a short postition in Standard and Poors Depsoitory receipts to go with my longs that I have no desire to sell. I fear for what the market will do in the second half of January when fallout from Asia might be more pronounced than it is now. And by the way, did you read in the w.s. journal about how Bangkok Bank could lost 30% of its present value!!! And this was my blue chip strategy for Asia at work! As they say in Goodfellas, everyone has to take a beating sometime! good luck, fred

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