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Strategies & Market Trends : Closed End Global and Country Funds

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To: Allen Furlan who wrote (220)	2/23/1998 1:04:00 AM
From: peter michaelson	Read Replies (1) of 289

Allen: I'm simply getting Korean prices from Wall Street Journal Interactive in their Asia section. I apply the most recent won/USD exchange rate and the ADR ratio to get what I consider the equivalent value to the ADR. Accordingly, SKM is currently at a 137% premium to its local value and PKX at 103% premium, with KEP at only 58%. Going long MAKOX speculates on the direction of the overall market, which is not my current strategy. I am doing arbitrages of various types, almost exclusively. On a daily basis I search for information on this arbitrage, but have heard nothing so far to dissuade me that this is likely an unusual and temporary situation, given the lifting of market restrictions in Korea. That's where I stand, but I am always interested in hearing other information and opinions. peter

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