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

To: Michael Burry who wrote (666)	1/7/1998 5:40:00 PM
From: Worswick	Read Replies (1) \| Respond to of 22640

Michael you might want to get over to the Asia Forum. The debate there is of a very high level and the sparks are flying. The debate there I think answers your querry whiters Korea goes...Japan...goes Brazil.... and all of us. (NB. Actually, lots of Japanese money in Brazil and Japanese-Brazilians) One thing I don't understand about your Telebras article is how after the split up do you envision the eight(?) seperate pieces of the "old" company to ber distributed to ADR shareholders? At that will the new companies have any regard for the ADR shareholders in the US? I was an old long term holder of Astra pharmaceutical when there were no ADR's in the mid-1980's and I had a hell of time getting news, dividends, stock disbursements. It is a real problem with foreign companies and probably you have no answers. I thought I might bring it up, however,as more grist for your mill. If the Asian contagion spreads expect to see TBR under the initial offering price. IMHO. My best to you in the New Year. Your article was a great treat.

To: Michael Burry who wrote (666)	1/7/1998 10:18:00 PM
From: Weekapaug	Read Replies (1) \| Respond to of 22640

Michael, I cannot explain exactly what I expect to happen. I didn't say I expect Brazil market to crash. I just feel a ripple effect is in order. I've never been to Brazil to see with my own eyes what goes on, have you? I do know from people who have done business there, it's corrupt and very expensive. Even my broker today was mentioning TBR was at a good level and how breakups usually workout in investors favor. They reduced the weighting of TBR on the Bovespa, is that good or bad? They canceled 3 billion in investments to keep price up, is that good or bad? I do say they are our most important trading partner in the southern hemisphere IMO. I do feel reading is important looking forward as to what the International Bank of Settlements is doing IMO. In regards to all the currency problems. They appear to be working very hard for this to come off smoothly, do things ever go smoothly? I'm watching and waiting for it to dip again and if it does I'll buy back in. If not I'll wait for breakup and maybe buy some pieces. They have never answered what ADR holder can expect from this, that I know of to date. Don't even consider buying or selling because of my thoughts, that would be foolish. Do it from what you read and think. I know so little about TBR and Brazil. Best Regards, Ken