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To: Bob Rudd who wrote (37)	9/3/1998 11:56:00 AM
From: peter michaelson	Read Replies (1) \| Respond to of 47

Thanks, Bob. I saw the release and agree with your thoughts. I remember when Thailand devalued in July 1997, the SET rose dramatically before falling. Malaysia's move is the opposite of devaluation, but it can't be good for business. Certainly not good for foreign investors who may be expected to slowly sell their holdings and repatriate as possible. I expect the KLSE will soon begin to fall. I have closed out my EWM/MF arbitrage with today's increase in EWM. The difference in their discounts is back to the 'normal' range of 30% - had gotten as high as 70%. Thanks again. Peter