Forum Archive Index - February 2000

["hugh webber" <hugh.webber@clear.net.nz>]

hullo Nanda,
there's an article on page 3 of the National Business Review of 4 Feb 2000.
It says a good part of the fall was due to British Airports getting into
strife
with the removal of European Duty Free while Beijing Airport (oh no, not
China again) had just listed but failed to reach its strike price. It
mentions 
there are only 8 listed airports in the world. It also says that the
perceived
problems in the NZ economy were affecting overseas demand. 
However on the positive side it notes that Singapore's Changi Airport
bought
a chunk at $2.90 last year.
I like them because they seem to be a good fit with Buffett criteria of a 
consumer monopoly, fast growth, good management etc etc. Warren Buffett
would buy at prices that seemed too high and p/e ratio too low when
he found that sort of situation and be well and truly vindicated after a
couple of
years. (I fear a couple of years is way past the investment horizon for
other than
value investors.)
The AIA management have stated that they are bringing forward the profit
announcement 
as it is a good one and they want to counteract the panic element from
overseas.

(Disclosure: I don't have any AIA shares but I'd love to buy them if I
wasn't already fully invested).

cheers,
Hugh 

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