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

To: Michael Burry who wrote (601)	12/22/1997 2:38:00 PM
From: Steve Fancy	Read Replies (2) \| Respond to of 22640

Hi Michael, look forward to your comments. I've been sicker than a dog, but finally feeling better. I'm gonna try and get things rolling here again. An update on my activity...sold JAN 105's last Thursday for 5 1/2. Had an order in to sell the 95's at 5 on Friday, but I was too late. I was just too sick (Asian Flu?) Friday AM when I saw TBR break 100...missed an incredible opportunity. Will probably sell 120's or 125's against stock soon. I believe the stock will move into a new trading range soon...maybe 105-120. We shall see, but I love this stock. sf

To: Michael Burry who wrote (601)	12/22/1997 6:08:00 PM
From: Madharry	Read Replies (2) \| Respond to of 22640

Thank you Michael. Not much grassroots research at my end, I simply mouth what others say . I certainly appreciate the fine work you have done on the value thread and I continue to like ING long term. RE TBR, yet another tout in Forbes-Streetwalker section of 12/29/97. Among the comments: 4. something times cash flow vs. 6 times for most SA telecoms. Debt is only 6.8% of net worth. 3.5 million cellular subscribers + one year waiting list. Evrytime it gets to 110 I think should i sell the 120s but then I say at $150 would it be fairly valued or still cheap, and I am always afraid it will just run up while I have limited my upside. So I guess I'll keep holding. BTW if anyone has information about Unibanco(UBB) I am very interested.