CPN: Calpine Corporation Message Board

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Gold/Mining/Energy : CPN: Calpine Corporation

FRO 23.66

-0.3%

Nov 7 9:30 AM EST

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To: Clement who wrote (167)	12/9/2001 7:57:36 PM
From: Raymond Duray	Read Replies (3) of 555

Clement, Re: So the bottom line is -- do you think Calpine will continue to be able to execute well. Bearing in mind that they are a low cost producer. I think the basic business model is quite sound, though the scale of growth proposed by 2005 seems arrogant. I think we'll see things scaled back some. My concern with CPN as an equity investment is not with solvency, but with growth prospects. That's why I've recently considered CPN to be "dead money" for the stock market speculator, neither a good long or short candidate. Now I am repeating myself, so I'll refrain from further comment. Best of luck to you! -R.

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