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

To: Steve Fancy who wrote (9144)	10/25/1998 6:22:00 PM
From: Tony van Werkhooven	Respond to of 22640

Steve- re. UBB- I would agree with your assesment that the banks will turn faster than industrials and telecoms. Banks were hit much harder. The IPO price for UBB was approx. 34, with a high in the last year in the low 40's. I sold half my position at 32, still holding the other half. May buy back on any further weakness back to the low teens (I am already pretty well extended). The above assumes that a fiscal program as has been hinted at is actually implemented and IMF/US assistance is made available to Brazil. As Armin indicated, by all measures this stock looks awfully cheap- although we may not have current info re. non-performing loans. Tony