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

To: Steve Fancy who wrote (1264)	3/20/1998 1:08:00 PM
From: Michael Burry	Respond to of 22640

Note these numbers are consistent with say ~$45 billion for the whole shebang. If the government gets ~$20-25 billion, then I don't feel I'm missing anything - government is getting reimbursed for its ~51% control. Using my rough model gives me the same range of prices as the analysts except shifted down 20 points - 120-160. Who knows the premium we'll get - the market will tell us as we get closer. The price today implies at least 10%. Not a single one of all the gifted individuals analyzing the stock is coming up with above $200. And this is a heavily followed stock, the Asian crisis being the reason for the severe undervaluation in late 97 and early 98. Mike