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Strategies & Market Trends : India Coffee House
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To: Mohan Marette who wrote (607)5/15/1998 12:02:00 PM
From: Sam  Read Replies (1) of 12475
 
Mohan, Worswick, all,
I recall last July when Seagate came out with their earnings report they included a warning that, because they had hedged their baht exposure with futures contracts and Thailand had devalued the currency just a few days earlier, they would have to take a large charge against the futures contracts in their October report. No one thought much about it in macro terms, it seemed to be a company specific problem since SEG was the largest foreign employer in Thailand (I think even the largest employer period outside of the goverment). No one that I can recall suggested then that all of Asia would fall into the morass that has ensued.

I have a very bad feeling that India's decision may be seen in the same light a year or two from now. Just the beginning of a long process. We won't see the full implications for years.

Just a bad feeling. A very bad feeling. I know, I know, I just need a good night's sleep and a hot stock.
Sam
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