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Strategies & Market Trends : Asia Forum
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To: Bosco who wrote (7862)1/12/1999 9:37:00 AM
From: Sam  Read Replies (2) of 9980
 
One of the thorniest problems for Brazil is that the people who became wealthy there over the past 20-30 years did so by becoming expert in exploiting inflation. They set up their businesses and they managed their money with triple digit inflation in mind. Those are hard habits to overcome. Witness, for examply, all of the economists--professional and lay--in this country worrying about inflation over the past several years, and witness the inflation premium still built into bond yields--very very high, and we didn't suffer anywhere close to the inflation trauma that Brazilians and South Americans generally did. When inflation dropped to double digits, it was bad for them, not good. And when it dropped to low double digits it was very, very bad. They have to develop a completely different mindset to invest properly. The transition creates all sorts of problems that I hope I never have to deal with.
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