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MUTUAL SERIES FUNDS'
MICHAEL PRICE ET AL.
(continued from preceding
page)
Price: Rob, you can speak to this. I don't think they'll ever come up with one currency for all of Europe.
Friedman: It depends on the industry. Some businesses will love it and some will hate it. If you're in the forestry industry, [for example,] you're ruing the day they unify into one currency. So if and when it happens, we'll consider how to proceed.
Price: Just think about Coca-Cola. We don't own Coke. But so many companies do much of their business in other currencies and translate it back into U.S. dollars. Oil companies are largely a U.S. dollar receiver and they pay a lot of expenses in local currencies.
Sometimes we talk about it, but we usually don't hedge those companies currency exposures differently. It gets too complicated. So we just hedge the whole position.
WE THINK IT'LL WORK OUT TREMENDOUSLY WELL.
We bought our stake in Canary Wharf at 33¢ on the $1. We think it's going to work out tremendously well.
Shareholder: I read in The Wall Street Journal where
you had invested millions of dollars in Canary Wharf....
Was that done personally?
Price:
No, no, no. All the funds own Canary Wharf.
Canary Wharf was an office project built in the Docklands
to the east of London during the late '80s. It's much like
Battery Park City in Manhattan. They filled in land and
put in big retaining walls and built big buildings to allow
the city - the financial district of London - to move east
and get big wharf spaces for trading rooms and other kinds
of offices.
Canary Wharf cost over £2 billion to build. We - and
another three or four investors - bought out the banks for
£800 million. So we paid about a third of what it cost....
Price: When we bought it, it was [only] 60% occupied.
It's now 82% occupied. In fact, they recently announced
that Citicorp is moving their
European headquarters to
Canary Wharf. And I think
it's going to work out tremendously well over 4 or 5 years. It's carried at cost.
And it's about a 1% position in Shares,
Qualified,
Beacon
and Discovery.
Shareholder: Does Paul Reichman have an active role?
Price: Yeah. Paul Reichman's involved in the
management of it....
MADE RAILTRACK A CLASSIC OPPORTUNITY.
Railtrack was priced to go....
Page 14 of 28
Price:
David Winters is a railroad
buff. And the U.K. government privatized Railtrack. And David can tell [you]
that story....
David Winters: I love railroads. I'm a fanatic.
15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28
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