All’s Well in…Nigeria?

From our far-flung correspondent and paid-up subscriber Jonathan Auerbach, of Auerbach Grayson, a suprisingly upbeat dispatch from, of all places, Nigeria: 

Former Reagan Secretary of State Alexander Haig (who died 4 days ago) first uttered these prematurely fateful words after Reagan was shot in 1981, Yesterday in a reprise the Nigerian Senate took a similar step by amending their Constitution and requiring that the president among other elected officials could essentially only stay in bed for 14 days before the legislature could name a deputy to act for them. Ok, President Yar’Adua better take a stroll soon. The point…for all the dire speculation on a paralytic government, procedurally things are working well in Nigeria. The market has been mixed in reasonable volume lately and we continue to be long term very positive. The index is 33% of its all time high with a sub 10x PE and the banks at book and around 6x PE should be accumulated. We visit the Axis of Evil…remember that Bushism?

My partner David Grayson is in Damascus this morning meeting local brokers, the Ministry of Finance, CB etc as we prepare for an expected change in Syria’s report card. Reminds me of my days in the Ward School outside Boston when Mrs Wilson told my parents that I was finally behaving myself. We expect our President will soon welcome Syria back into the classroom and their newly reestablished stock market will be open. As with Iraq, we expect and will facilitate the participation for Frontier players. We understand that FOX Business News will cover parts of David’s visit and if you want to see us in action I believe you should tune in at 1300 EST on Monday.

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