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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments
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To: Mr. Pink who started this subject7/28/2002 1:40:51 PM
From: MAELING  Read Replies (2) of 18998
 
EP - Are you shouting Fire in a crowded theater, or have you done some work on it?

It's easy to badmouth most companies in this sector. Since it either goes up or down, the odds for an opinion are the same as for flipping pennies.

I've spent some time on El Paso, and it's not clear what's going on. Energy traders I know with Constellation say that it strikes tough, straight business deals. They mistrusted Enron and Dynegy. They respect EP. This may indicate a rational corporate culture, but it doesn't get to the issue of off balance sheet debt.

Oscar Wyatt has excoriated upper management for its accounting tricks and of transparency, but he still continues to hold 4-5 million shares. I would have expected to see him sell them it the situation were terminal. (Maybe he has but didn't report?)

MidAmerican Energy (Berkshire Hathaway) still has a sizeable joint venture with them - in fact they sought them out to partner to maintain Cal Energy's QF status under PURPA. Best I can tell Buffett dislikes accounting crooks.

I find EP's 10K difficult, or impossible. Certainly Carol Loomis thinks the 10Q is not transparent.

I can justify a sort of 'worst case' asset value of ~$10/share. Stock is there now with an 8% dividend. Best case looks like a $20-25 stock.

Do you have more insight?
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