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

To: Mayer Tchelebon who wrote (1445)	4/4/1998 12:31:00 AM
From: Michael Burry	Read Replies (1) \| Respond to of 22640

The sell-off is overdone and irrational. That the subsidiaries will trade as ADR's is huge news that would normally have shot the stock higher. Does everyone understand what this means? There will be a liquid, well-regulated market at home for the offspring of the split. That is simply huge. I doubt the recent sell-off was due to an obvious rumor. Japan is rocking Brazil - possibly with good reason - and Telebras - with no good reason. This is opportunity. The only question is how low will we be able to pick it up. As some one else said, just like the good old days. Mike

To: Mayer Tchelebon who wrote (1445)	4/4/1998 1:44:00 PM
From: Steve Fancy	Respond to of 22640

Mayer, I disagree on your first statement. At the point they do announce the breakup, the investment community will already be prepped for it and know what to expect. The rumor yesterday came as details are still very confused at best, perhaps causing unfounded fear. I guess much of my work here as of late is an attempt to fully understand what's going to happen so we can then intelligently discuss our options. We have to watch for the form f-20 filings as an indication of when TBR will be officially split...Sounds to me like early June. In the meantime we have to try and get a handle on the key unknown in terms of valuation, the wireless companies. Again, seems this should be simple enough by determining what the 26 wireless companies are trading for, and ideally which of the 8 defined geographic areas each of the wireless companies will be attributed to. Can anyone help with these questions? I'll try TBR IR again over the weekend. regards, sf