The first thing we do in a new country - shake the trees.
   Friedman: ...When you go to a country, you visit the brokers, visit the companies, [and] shake the trees. First, you're going to see the big companies - to kind of get a sense of the lay of the land. You shake the tree a little bit - and suddenly you find three smaller companies. You shake that tree a little more and find two other companies.

We're shaking the trees & finding enormous opportunities.
   Friedman: Sweden is relatively small population- wise, but has an inordinately high [stock] market capitalization because they have huge industries that they've developed over 100 years.
   You go visit someone and say, "Who do you admire?" And he can literally lean over, point out his window and say, "You oughta go talk to that guy." So you go talk to that guy and he gives you three more people.
   And that's basically why I'm there.... We're out there shaking the trees of these different countries and finding enormous opportunities....

Our U.S investment techniques are working in Europe....
   Altman: ...One of the things that we recently did was to focus on some good bank/bad bank situations in Europe - in Sweden primarily - where banks were stuck with a bunch of real estate that was not properly valued on their books. So they separated into public real estate companies.
   We bought both the banks before they separated and then the real estate companies afterwards. That situation has worked out very well - with returns somewhere in the 30-40% range within 2-3 months of them separating. So that's kind of an example of how we've found value and how we've taken some of our bankruptcy and distressed real estate investing and used it and extrapolated on it in Europe and in other areas.

We're finding amazing situations in France.
   Friedman: Europe is 350 million people - [which is] larger than the United States - with margins in their corporations [that are] maybe half of ours. It is an entire continent begging to be restructured....
   It's going to happen. It is happening. We put money into France now. And we're finding amazing situations of undervalued assets there....

Incredibly smart (and proven) people at a large discount.
   Shareholder: How are we involved with the Investor people and the Wallenberg family?

   Friedman: There are a number of Swedish holding companies. They have a zero capital gains tax rate -

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