Bear! Message Board - Msg: 4230949

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Strategies & Market Trends : Bear!

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To: Les H who wrote (17)	4/27/1998 9:38:00 PM
From: Michael Burry	Read Replies (1) of 271

Speaking of oil, YPF, the Argentinian oil conglomerate is an attractive value for a US bear. It held up pretty well today. Oil is already relatively depressed. Trades at about 13 times earnings despite growing efficiencies and strong cash flows. Dividend yield is about 2. 7% for those who are interested in long-term plays. I'm currently rotating away from the US, and the fact it is in Argentina, a poorly performing country thus far in 1998 that in general has a low correlation with the US. There is a story in the May Bloomberg about it, and Duff and Phelps have nice things to say about it: biz.yahoo.com The company is stretching its arms a bit, and is well on a privatization track. Just an idea. Mike

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