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Strategies & Market Trends : Value Investing

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To: judge who wrote (9623)	1/12/2000 10:44:00 AM
From: jeffbas	of 78702

PMCO - except for the good will, and the lack of insider buying. I would want to know what all these 144 filings are about. I would also want to know the amortization period for the good will. If, in this industry, the price anyone paid for any acquisition in the past is questionable now, as I think it is, using a 20 year amortization period is really stretching things (if that was done) - and means earnings are overstated. For example, $10 of good will per share amortized over 20 years instead of 5 means $1.50 per share pretax lower amortization charges -- and I am skeptical of assuming a value of a health care service business of over 5 years, with government in the picture. (These ar more or less general comments, as I have not done an extensive analysis of PMCO.)

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