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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: ild who wrote (146194)	1/25/2002 2:29:30 PM
From: reaper	Read Replies (1) of 436258

Thanks for that. You know I'm no fan of AmeriCredit, though it is interesting that Tom Brown (who is a VERY smart guy and not shy about taking on management's for unsavory accounting) likes it. I used to be on the Calpine train in a big way, though much smaller now. They are a classic long-term short-and-hold business that earns a return on capital (+/- 4.5% after tax) that is less than their cost of capital (+/- 8-9%, after tax), which means at best the proper value for their business is book value (a la my comments on Ann Taylor). Calpine's book value is $2.8 billion and stock value is down to $3.8 billion, so a lot of the game is over here. BUT, Calpine has an "other asset" on the balance sheet that is greater than $800mm and I have no friggin' idea what it is; waiting for the 10K to find out. That's the problem with this time of year; 10Ks don't come out 'til March (the accounting geek's version of "March Madness" <g>) I have not forgotten about your IBM pension question just have not really had time to address properly today with earnings and all. This weekend I hope. Cheers

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