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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote (3850)	4/15/1998 12:52:00 PM
From: James Clarke	Read Replies (1) of 78481

You'll want to update your research on APF (Morgan Stanley Asia Pacific Fund). The fund started buying back its own shares in January, and the discount to NAV closed to about 6%. Then they announced they had solved that problem, so would stop the buyback, and now the discount is back to 18%. They reserved the option to repurchase shares again. And very important, Barton Biggs just bought a bunch of APF shares personally. I'd consider that a very significant insider buy. If Barton Biggs wants to buy Asia that is a plus in itself. But he has many other ways he could do it. The only other way I could find to buy a diversified portfolio in Asia without paying a premium was through WEBS.

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