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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: westpacific who wrote (1753)	1/16/2001 12:59:23 PM
From: Kapusta Kid	Respond to of 74559

This fund manager takes the opposite view. From a Barron's interview Nov00 with David Herro, fund manager of Oakmark International: There are other factors in Europe which will continue to propel growth. For the first time in my memory, there's some real restructuring taking place. Who would ever believe Germany would be lowering corporate tax rates to the 30% range? Tax reform is happening in France. Cross-shareholdings in Germany are going to get unwound. These things are monumental. The last pillars of old Europe are being taken down. I just came back from France, and the attitude is completely different from five years ago. Five years ago I used to sit in meetings there and wonder, "Why am I even here?" People talked of restructuring; I didn't see it. Now companies seem to realize they're in a global economy and there is a global fight for capital and they have got to start running their businesses for the owners of the company, or their share price is going to be so low that it will be prohibitive for them to use their share price in the global equity markets to raise money to expand. There's been a U-turn among even the most provincial French companies. The amazing thing is that the middle-age people are the ones driving it. These are people who have actually changed their way of thinking.