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Strategies & Market Trends : Telebras (TBH) & Brazil
TBH 0.511+2.0%Jan 14 3:50 PM EST
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To: DMaA who wrote (663)1/6/1998 11:29:00 PM
From: Michael Burry  Read Replies (1) of 22640
 
Oh, I am not worried about it. This happens all the time - how
often do you see a large company employee comment openly about his own
stock for a journalist's story on the stock? That's journalism -
anonymonity of sources, etc.

The real issue is, why would they screw the ADR holders? How would
it benefit Brazil or Telebras in any way given the current
reliance on the privatization program to support the real?

Note also that the government, by allowing two-way competition
immediately, is accepting less proceeds for Telebras than it
might get with temporary monopolies. This shows Brazil's desire
to allow private markets to flourish even if Brazil gets less
in the deal. Would they endanger public confidence in Brazil
and the privatization program by giving preferred/ADR shareholders
the finger? Not from what they've demonstrated so far. Immediate
competition, massive budget cuts, swift Congressional action...
I see these as good signs the government is determined to do
the right thing.

The Hollywood/Washington image of glib
government cheats lying to the public with a cheesy smile
and evil eyes behind dark sunglasses is well-imprinted in our
heads, but rationally, what is the motive to lie here?

I'm not arguing with you - we shouldn't count on anonymous quotes
for our investment decisions, but it is really secondary to the
total story.

Mike
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