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Stocks Y / YPF Sociedad Anonima


Subject:  Re: Yes Poor Fool? Date:  8/31/1998  4:13 PM
Author:  Flavio Number:  8 of 12

I would not worry, if I were you. And I think you were well advised by your broker.

You got a great stock at a very good price. It is suffering now from widespread panic on anything which is related to emerging markets.

YPF is a company very well managed, profitable even at these rock bottom oil prices. Not least, Argentina is currently one of the best managed countries in the emerging markets, and I would dare to say in the world.

With no danger of any sort of devaluation (they would happily revert to a monetary union with the U.S. in case of need), fiscal balance, strong financial sector and a foreign debt at 30% of GDP, I see it as one of the few safe places left.

Hold on & cheer up! You will see you stock back at 32 pretty soon!

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