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Non-Tech : Williams Companies, Inc. (WMB)
WMB 59.03+2.0%9:30 AM EST
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To: Sam Citron who wrote (160)12/16/1999 4:20:00 PM
From: Raymond Clutts  Read Replies (1) of 271
 
Sam:

The following post is from the WCG board and it seems to reflect much of the same optimistic logic that WMB will somehow, someday wake up and be given an appropriate sum of the parts valuation. While it seemed an entirely logical proposition when my broker expounded it as a means to get a good value play with growth prospects it hasn't played out that way in this market. Seems to me that someone will have to let a lot of air out of the NASDAQ before any such logic will once again get any traction.

Ray Clutts

To: Mark Lewin (238 )
From: Bernard Levy Thursday, Dec 16 1999 3:26PM ET
Reply # of 257

Hello Mark:

What is your reasoning for being in WCG rather than WMB?
At current prices for WMB ($29) and WCG ($26 3/4), and
assuming 0.85 share of WCG is contained in each share of
WMB, one gets $22 1/2 of WCG for WMB share, which means
we get the energy company for only $6 1/2. A fund manager
interviewed in Barron's 3 weeks ago was putting a value
if $16-17/sh on the energy company (assuming earnings
of $1/sh). Actually, he was creating a synthetic
''energy only Williams' by going long WMB and shorting
about 0.85 WCG for each WMB. It seems to me WMB is a great
double play on telecom and a recovery of natural gas
prices.

Best regards,

Bernard Levy
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