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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (62432)	9/5/2019 8:35:43 AM
From: Graham Osborn	of 78671

CNC is really a stroll down memory lane. This company was a beautiful organic growth story - you could call them the GEICO of low-income health plans - up until about 2015. Since then as you say their growth has been driven more by acquisitions and accompanying leverage. Certainly I think they deserve a much lower multiple now than they did 5 years ago. The debt could be a problem - even the interest coverage ratios are getting a bit narrower than I'd like. I guess it's the usual Cinderella story. Unrelated: Seems like Mike Burry is suddenly in the news a lot more after 10 years in the wilderness. This yesterday on Yahoo Finance: finance.yahoo.com

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