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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Michael Burry who wrote (5603)	12/30/1998 2:30:00 AM
From: Marchkis	Respond to of 78751

I agree with you that investing in Japan is a worthwhile contrarian play. I bought the WEBS for Japan (EWJ) on the ASE. It is the Morgan Stanley index that trades like a stock. Also, the WEBS can be shorted without having to have a preceding uptick. EWJ is trading around 10 and that seems to be at the bottom since more bad news such as recently announced rising unemployment did not depress the index any further. The government is launching a $500 billion economic stimulus package in the coming year. The bankrupt banks are slowly starting to be closed. I'm not sure when Japanese stocks will rise but they surely will and EWJ seems to be a good place to be without having to guess which individual stocks to buy. Machki

To: Michael Burry who wrote (5603)	12/30/1998 3:14:00 PM
From: Jurgis Bekepuris	Respond to of 78751

Michael, I hold some TAVFX - Marty Whitman's fund. He still has money in Japanese insurance companies, but has been totally burned with the Long-Term Credit Bank of Japan. (Yet another indication that words "long-term" in the company name mean "disaster" ;-)). The bank decided to "forgive" a couple billions worth of loans and consequently got into bankruptcy. Marty was outraged with the Japanese management. Details in the 3rd quarter shareholders letter at: mjwhitman.com Read it before investing and even after that buy only westernized blue chips or mutual funds. WEBS maybe OK. Everything else is extremely unhealthy. ;-) Good luck Jurgis