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October 26, 2007 Dear Friend, We are evolving into a more detailed, thoughtful style as we review quarterly earnings reports or sometimes three or more in one day. We tend to complete the writeups the second day afterwards after reviewing many items in detail. In our daily routine we sometimes do NOT turn on our Reuters screen nor carefully read the Wall Street Journal, and focus on detailed longer term studies. Rosa Torres Tumazos, my first wife, returned Tuesday from a sixteen day Harvard Business School alumni tour. I had suggested ten topics for her to "watch for," and she was so kind as to write up her notes. Generally her observations were supportive of future growth. She observed no air pollution issues in Beijing or Shanghai, and generally very good transport, electricity, sanitary and water infrastructure. She voiced concerns over vacant buildings, shoddy recent construction and "within China" consumer product safety or worries of domestic sales of products not suitable for export. We also enclosed a review of Smurfit-Stone Container's third-quarter results and outlook. We have a few partly completed reports to finish. Barbara Stallworth, who joined us this past Monday previously from Prudential Equity Group's research IT support area, will contact you to communicate your user name and password security protocol to our web site. Armando Mendoza, another former Prudential employee also residing nearby near the Jersey Shore, has generously agreed to program to implement the security features to our web site. We are busy communicating soft-dollar invoicing instructions and various followups, and it is conceivable that some of the details will take a week or two beyond our October 31st target date. We busily write reports, and finish "setup details." For the time being our sole preoccupation is keeping up with the customers we have and research topics, and we have not been looking for new customers or "special projects." Finally, we need a minimum of two November 19th 4:15 pm kickoff Steelers @ New York Jets tickets, and with the 1-6 record if someone has some Jets tickets to sell we are buyers. Faithfully yours, John C. Tumazos |
Copyright © 2008 John Tumazos Very Independent Research,
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