Communism in Action
Tuesday Jan 09, 2007
Venezuela's reelected President Hugo Chavez went back to the business of re-nationalizing private companies. Yesterday, he announced plans to have the government take over Venezuela’s electrical and telecommunications companies.
According to him, these are “strategic sectors” he feels are better off in his hands than in the hands of the markets and investors.
The New York Stock Exchange halted trading in Compania Anonima Nacional Telefonos de Venezuela, whose ADR trades under the symbol VNT:NYSE. Still, the stock plummeted over 14%.
This is a good time to reassess stock and mutual fund positions from Venezuela, Bolivia and Equador in your portfolios. Chavez and his narco- and petrocommunist bobbleheads in the region represent a threat to any of your assets that are invested in these countries.
Get rid of them while you still get money for them.
J. Christoph Amberger
Editor, Taipan
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