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Non-Tech : Paired Trades and Hedging Strategies -- Ignore unavailable to you. Want to Upgrade?

To: Sam Citron who wrote (6)	10/5/2004 6:00:36 PM
From: tom pope	Respond to of 136

The ADRs may trade at a substantial premium to the BSE (Bombay stock exchange) price. There is no arbitrage mechanism to remedy this disparity unfortunately. Yes, indeed, that is the rub with TTM. I recently bought CBA and TTM. My GM shorts are almost invariably day trades. TTM pays a dividend with a yield of just under 2% in Bombay. Don't know how this will translate with the ADRS. CBA pays a tiny dividend, under 1%. After its performance over the past six months it's a turnaround play as much as anything else.