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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Michael Bakunin who wrote (30066)	7/21/1998 6:06:00 PM
From: Knighty Tin	Respond to of 132070

Mike, I do play individual ADRs and your paired trade sounds interesting. I like several Japanese ADRs, including Nissan and Sony. I have bought a few Korean ADRs, but I am watching my intestines fall to the ground as they carve me up. <G> But, in general, I prefer to play foreign markets with CEFs for the discount. "Not too far out of line" is like saying, a little bit pregnant, IMHO. First of all, there is no growth, so their growth argument is bogus. It is very possible that we have already entered the first quarter of what will be a recession. Secondly, the earnings reported are fake, with one time charges, option scams and buybacks distorting them. So what they are basically saying is, accepting these very low quality earnings as gospel and assuming certain growth, the valuation levels are not too far out of line with the worst they have ever been out of line. <G> But, hey, "All the little chicks with the crimson lips, say Cleveland Rocks, Cleveland rocks. Living in sin with a safety pin, because Cleveland rocks, Cleveland rocks." Apologies to Drew Carey. <G> MB