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

To: Michael Burry who wrote (3041)	1/15/1998 9:02:00 AM
From: Jyoti sharma	Read Replies (2) \| Respond to of 78644

Mike, TBR is an outstanding value on its own merits and I would buy it in a heart beat even at 150 if it was a US company. My concern is with Brazil.I have been there a few times on buisness, to me they are are a large developing country with problems similar to SE Asia. IMO the markets and currency have a lot of risk now. Koreans as you know are one of the large investors in Brazil. They are trying to take their money home. Moreover when US market catches cold, latin americans catch flu. I would buy TBR at 100 if I did not expect a correction in US markets. BTW do not get overly impressed with the waiting lists. All developing countries have it. Increasing capacity is capital intensive and pay back is not all that great. The rate a phone company can charge for telephone is determined by the local politics and earnings of its citizens. To have a better understanding of the business compare the revenues and expenses per line with US RBOC's like Bell Atlantic. On Hkg unpegging or Chinese devaluation, I would expect complete melt down in Asia and DJ dropping 1000 points. Best wishes. Jyoti