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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: David R. Doerr who wrote (322)	10/30/1997 7:33:00 AM
From: Fred Levine	Read Replies (1) \| Respond to of 22640

David--You are absolutely correct that the currency risk allows for the low PE's. This part is a gamble and the real has been under pressure. Todays WSJ stated that it survived an onslaught, but that more threats appear. In fact, rumor on CNN is that bans will be downgraded because of this. However, even if the currencies are devalued 20-30%, the PE's are still very low for a growth industry. good investing--fred ps--today will be an interesting and defining day. I expect recovery in the afternoon.