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Strategies & Market Trends : HONG KONG -- Ignore unavailable to you. Want to Upgrade?

To: Ramsey Su who wrote (2809)	4/6/1999 4:15:00 PM
From: Tom	Respond to of 2951

Yes, I remember you saying that now. A while back. Sorry, I forgot.

To: Ramsey Su who wrote (2809)	4/10/1999 12:37:00 PM
From: Ron Bower	Read Replies (1) \| Respond to of 2951

Ramsey, "I don't invest in any foreign stocks. My entire interest in Asia, Russia or whatever, in relations to investments, is purely how they may impact us over here (US). I find following Asian markets somewhat frustrating due to the level of untruth, even more so than Wall Street. May be it is not more, just a little harder to distinguish due to the geographic separation." You surprise me. I have found more truth in my HK/China investments than in most US companies. I have had numerous talks with the CEO of a mid-sized HK/China company that I would never have been able to have with a US counterpart. In almost three years, I and the other investors have never gotten a misleading statement or financial report. I've found that US management, with their stock options, to be less trustful. Too much hype compared to company performance. How many times have we seen a growing, profitable US company suddenly come out with a major write-off that wipes out 2-3 years of earnings? I've had to adjust to some differences as I find the management of Asian companies to be more concerned about the company performance than shareholder value. I found it hard to believe that I had to tell the management the current price of the stock because they didn't know. When the stock price fell, I had to prompt them to initiate a buyback - never occurred to them. They often get so wrapped up in the company activities that they forget shareholders exist. As one CEO said, "We'll do the best we can and let the market determine what it's worth." I like this attitude. I also like it that the company is today worth 6.8 times what it was less than five years ago and the growing dividend is now equal to 13% of my investment. FWIW, Ron