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

To: jeremy smith who wrote (7278)	8/29/1998 11:22:00 AM
From: md1derful	Respond to of 22640

Thread: Absolutely excellent posts abound...all of your insight very interesting to read and digest..I think Steve will be quite impressed when he returns and reads alot of this..I for one agree with the post which suggested not increasing the position too much (if, like myself, you already have a large position) Other proxy companies as ubb perhaps and other telecoms,... maybe..do I dare say, some nibbling in Asia may be the way to commit new money now (tar, tef tmx,even also look interesting!!)(even tlk pap arh)

To: jeremy smith who wrote (7278)	8/29/1998 6:56:00 PM
From: MGV	Respond to of 22640

There was no offense taken by your post or intended by mine. With respect, if your issue was the 'utility of normal valuation techniques on TBR', as discussed in the article a few posts back, I don't think your message was clear. We can agree on the importance of Brazil's macroeconomic condition to the investment calculus of TBR. There has been much discussion on that issue on this board. Regarding Mexico, there are deep differences between it and Brazil in terms of much deeper ethnic and racial divergence and in terms of what was a veritable, long-standing 1 party system in Mexcio. Its not useful to go into all of the differences here or now but, the critical point is Mexico is firmly on the reform path and there are Mexican stocks that are trading at higher US $ levels than they did before 1994. In that "bigger picture" sense Mexico did hold together, albeit with plenty of help. That said, Brazil in 1998 is not Mexico in 1993.