Subject: WEB comments on Currency- 1994
Interesting comments from WEB Q&A in the afternoon of the 1994 meeting (30 min. into the session) on why we do not hedge currency risks and uses Coke (80% revenue was international) as an example which is like owning a bunch of foreign bonds with coupons on them in local currency which go on forever. Engaging in a bunch of currency swaps did/does not seem necessary or wise to them given the associated costs.

I recall a question about currency risk in this year’s meeting, and I think Ajit said there could be circumstances where it may be appropriate to own other currencies, but not at present.