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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Paul Senior who wrote (26580)	4/17/2007 11:24:05 AM
From: fp_scientist	Read Replies (1) \| Respond to of 79151

Hi Paul - sold all my TX today at the open. I had a good bunch of shares from IPO day at 23. Out at 29.50. The perception of the risk to Sidor/TX earnings is what matters, not the real risk, which I think is minor. I'll be back in due time. This is a great company and the stock is dirty cheap but Hugo can mess with it in ways I'm no longer comfortable (as in unpredictable and irrational). As a matter of fact, if you pull a chart of TX, the last two times the stock hit 30, there were news from Venezuela of Hugo fiddling with TX... If TX grows (eg, merging with Usiminas) then it would be less vulnerable to Vza, but for now, a good chunk of their earnings come from Sidor. I see the stock trading at low 28 now. It may go lower as word spreads out... and TS could get hit too, I'm afraid (). Regards - fp () Tenaris (TS) also owns a steel plant and ore mines in Vza.