Thank you, Victor. Always like reading Biggs' opinions.
He appears to be broadcasting the company line. I say that only because his remarks appear unusually subdued. Maybe it's just me.
There are some extreme measures being conducted that will keep me holding my S&P put-options. I jumped into the Philippines, a little, but more non-performing loans have been surfacing there. I closed-out the same day I posted a warning over at SI Hong Kong.
I guess, all-in-all, I'm of much the same opinion as you and Juan. Though I have gone a bit heavy into the S&P puts. I, of course, will never let go of all my Perez;) who, by the way, recently rid themselves of 85% of their YPF interest.
Further to my domestic concerns, the Fed has conducted seven (7) coupon passes since 04/19. Mr. Greenspan's foot appears locked-down on the accelerator. No one in the world can match the rapid broad-money (M2) and credit growth sourcing from the U.S. Federal Reserve. All the more important that the G-7, IMF, et al attempt to keep a cap on the price of gold.
I also favor this by Gerard Jackson at The New Australian: "Regardless of what Ralph Acampora of Prudential Securities claims, the Fed's policy of using the money supply to keep interest rates down is the real reason why a major correction is unavoidable. I'm not impressed by his so-called view of 'mega-markets' either."
Mr. Jackson is not one to mince words. <g>
oub.com.sg
Table 2, at the bottom of the page, provides some indication of the East Asian recovery. Think what you will of China's numbers.
Hope you guys will continue to do well.
Best,
Tom
p.s. Came upon this: Lisbon picked top destination for 1999 by Conde Naste Traveler. Never been there, but have wanted to go for a long while.
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