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Strategies & Market Trends : Telebras (TBH) & Brazil
TBH 0.472+2.6%Jan 16 9:30 AM EST
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To: BOB JOHNSON who wrote (7220)8/28/1998 12:35:00 AM
From: MGV  Read Replies (2) of 22640
 
The important thing for new people to realize is that TBR is a
world class opportunity not often repeated and the underlaying value is still there and intact...How much money have people made who held tough since 1987.??. Fifteen years from now this hard to handle decline is only going to be a blurp on the old graph and every nervous person today will be in the chips.

Bob,

I liked what you wrote. Your perspective is healthy and solid too. Regarding being ahead of the smart money here, some of the institutions and hedge funds operate under much narrower constraints than we do (smiling at the thought of your wife shopping, as that defines our level of constraints). Remember that some of these guys are worried about small-minded issues such as "window dressing." I'm not judging them but, it is a relative advantage for the individual investor not to have to worry about how short term performance will affect distribution of the financial product or job security. In fact, not having to worry about the short term frequently turns out to be both a short term and long term advantage.

Go easy on the margin. If you use it, use it very prudently. Too much leverage and not giving oneself enough time to be right (by buying near expiration options) are 2 ways to give the advantage back to the "smart money." That said, I think the Y2000 Leaps are appealing.

Good luck.

Mark
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