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Gold/Mining/Energy : Mirant Corporation (MIR)
MIR 23.83+1.8%Jan 2 9:30 AM EST
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To: Softechie who wrote (226)2/24/2002 11:28:50 PM
From: Asymmetric   of 903
 
Softechie, Regarding AES.

Sorry for the delay in responding to your query.
Whatever problems Mirant has, AES multiplies them
in spades: dense accounting where analysts are
unable to determine exactly which divisions/operations
are contributing how much to overall profitability,
off balance sheet financing, Latin American exposure,
leverage of over 3:1 debt to equity, senior executives
getting nailed by huge margin calls, etc. My own
opinion is AES is a huge sprawling energy corporation
that isn't run very well. I remember a story I read
about a year ago where it was reported they were one
of the few electric companies to actually LOSE money in
California during the electric crisis. As one of
the shareholders at their annual meeting stood up
and said, "How in the heck did you manage to do that?".

You might make money here at $4, after all it once sold
for $70/share. But to me it would seem more like buying
a lottery ticket than investing in something solid.

Peter.
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