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The Money Map Advantage
Monday, March 13, 2006
By Horacio Marquez
Email – #33
Dear Money Map Subscriber,
In Friday’s alert, the product of more than one week of much analysis and contacting large institutional investors around the world and Wall Street, there was an editing mistake at the end.
In the rush to get you into Unibanco (NYSE: UBB) before the U.S. market close of 4 p.m., there was a lingering reference to CVRD, the largest iron ore producer in the world, that should have been deleted from the final message and somehow survived. Unibanco is the third-largest private bank in Brazil and not an iron ore producer. I have known and followed both Unibanco and CVRD very closely for more than a decade and the reference to CVRD was meant to be deleted from the final broadcast.
The last line should read: “So with a nice entry point, an accelerating economy, and dropping short-term rates, we can add Unibanco (NYSE: UBB). UBB is the third-largest bank in Brazil and will benefit from the acceleration on the economy, the expansion in credit because of lower rates, and the appreciating local currency.”
In fact, I decided on recommending Unibanco over CVRD because of the appreciating currency, the real, which improves profits in U.S. dollars, while it slightly detracts from CVRD profit margins.
I profusely apologize for any confusion the error may have caused.
Best regards,
Horacio Márquez
Market Watch
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