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

To: Fernando Saldanha who wrote (11608)	1/14/1999 12:09:00 AM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

After reading the news and listening to analysts all day, I came to the about the same conclusion as you...they may have screwed up by not making a larger move. I question the 20-25% figure you indicate...most speculation I've seen suggested the real was approximately 15% overvalued. I don't understand why currency values are subject to so much guess work. It seems they did the bare minimum to try and take pressure off of outflows, gain the states and political support and move reforms through congress, What irritates me the most is the word appears to have been out yesterday (Tuesday) as outflows soared to over 1 billion. Hong Kong seems to have had a jump on the news also. Still a TBR and UBB bull, but as you suggest, feel it may get worse before it gets better. Hope things are resolved quickly one way or the other. Appreciate the input Fernando. Wish I had acted more appropriately on your thoughts on outflows a few days ago sf