Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.750

-14.5%

Dec 5 9:30 AM EST

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To: Tony van Werkhooven who wrote (12311)	1/23/1999 7:15:00 PM
From: EPS	Read Replies (2) of 22640

In many ways Brazil has the defining characteristics that some the more advanced Eastern European countries had before the fall of the Berlin wall. The Brazilian capitalism is really state capitalism. Indeed the state controls the price of gasoline (and its production or imports) the state controls the price of telephone calls (stoped only recently), the major banks, the production of electricity, etc etc etc etc etc... A rather large portion of the population works for the state... When computing the earnings of some of these state companies major care is needed to understand the results that one gets. Example: are the costs of the pension benefits accounted or those are simply allocated to a different state account? Obviously Brazil needs to privatize and become a modern capitalist country. The process is and will continue to be painful. Many people here believe that changes are just around the corner, that they are just going to happen in the very immediate future.. I would like to advance the novel idea that is probably going to take some time..Problems run deep in every possible dimension you look at. I would also like to suggest that there are institutions within the Brazilean financial system that have the resources to manipulate the market. I've seen this happening over and over again. Last week end was an example. The beauty of the situation is that, to the untrained eye, the situation looks like a no brainer, so much potential, so much going for it.. At this time it would be interesting to see what is going to be the bottom for the real near term. Any good guesses? 2- 2.5 - 3?? Regards Victor

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