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Strategies & Market Trends : Value Investing

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To: Bob Rudd who wrote (12540)	5/30/2001 11:54:37 AM
From: Paul Senior	Read Replies (1) of 78687

re: CNGR and loans/loan originations. If I recall correctly the used car/truck businesses have been in operation for 16 years, and they were bought by CNGR within the last two. So there may indeed be some temptation at least for CNGR to "enhance" these operations' earnings now and in future so CNGR can show a good profit and subsequently sell these businesses. Which is what CNGR seems to be in the business of doing (buying and selling businesses). You folks are implying that since it's not possible or easy for an outsider to ascertain the amount and/or provisions of these possible loans, they could, and maybe even likely might, come back to drastically harm current and past earnings. So the stock is not suitable to buy because the risks associated with it are not understandable, is that right? And you are also saying that the market knows or suspects this, and that is why the stock is down to what seems like a superficially low price. Is that also correct? In other words, because the risks are likely to exist large but are unknowable and/or not able to be scoped, there is no price at which you guys would be a buyer of this company?

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