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Strategies & Market Trends : Value Investing

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To: jeffbas who wrote (7768)	7/15/1999 3:14:00 PM
From: Michael Burry	Read Replies (1) of 78499

I am interested in an HMO, Pacificare. Bought FHP, which caused some digestion probs and causes net income to underestimate substantial free cash flow. Gov't and Commercial ratios are stable to improving, with the commercial ratio at the same rate as 1995. Paying down debt. About 7X 1998's free cash flow. Net income also artificially depressed by ultrahigh temporary tax rates. Looks to earn 6+/share this year, and 7+/share next year. CEO sold, but only a tiny fraction of his shares, and at prices $30 north of here. Near lows, with a propensity to move quickly. Risks are that it is huge in Medicare.

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