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To: Chip McVickar who wrote (12899)1/15/1999 1:04:00 PM
From: Henry Volquardsen  Respond to of 44573
 
Chip,

I've been mostly scalping recently so no real core positions.

Re Brazilian inflation a lot depends on where the currency settles. They have been pumping up money supply quite a bit so I expect we'll see inflationary consequences relatively soon. FWIW I think it's a gamble worth taking. I'm very much an inflation hawk but against the current global deflationary influence some inflationary pump priming for the Brazilians is an acceptable risk and the lesser of evils. That said it is somewhat worrisome given their frightful history in that arena.

Enjoy the Mahler. I'm leaving the office in 5 minutes and have a warm fireplace and 'Cavalerria Rusticana' in my plans for this afternoon.

Henry