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Strategies & Market Trends : Value Investing
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To: Michael Burry who wrote (8215)9/11/1999 2:32:00 PM
From: jeffbas  Read Replies (1) of 78817
 
Mike, you may not recall but I spent a career as an actuary in Group Insurance. All the time we had to deal with cutthroat competition that undercharged for the coverage provided, either because they did not do the very difficult job of estimating future costs very well, were shady operators who did not care if one day reserves for unpaid claims were totally inadequate, or whatever. Providing coverage for health care, which is ultimately where a lot of the money comes from to pay providers like HRC, has always been a high risk, low margin business with too many competitors.

My hunch is that except for the huge drop last week which may have taken HRC to a low that will hold I would wait until; some of their
AR goes bad and we have some press about some HMOs going under. I don't see enough blood in the streets yet.

I do think companies like HRC are further along in getting to a bottom than the manufactured housing ones, but the business is also less attractive.
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