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Strategies & Market Trends : Value Investing
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To: James Clarke who wrote (10311)4/9/2000 11:50:00 PM
From: jeffbas  Read Replies (4) of 78596
 
Trained as an actuary, I have a bias against investing in a bank or an insurance company. The simple reason is that the liabilities are real and the equity base is usually too small a percentage of the assets for me to feel comfortable to "leave the driving to them", since I can never know enough about the invested assets to be comfortable. I saw the 100-year large, old-line Mutual Benefit Life Insurance Company go down the tubes because of too aggressive real estate investing.

On CNC, equity less good will is about $1.4B or 3+% of assets. In my opinion, buying into such a leveraged business when there is turmoil is really asking for trouble. It's for speculators only, not prudent investors.
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