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Strategies & Market Trends : Value Investing
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To: Don Earl who wrote (13991)2/25/2002 6:45:08 PM
From: Allen Furlan  Read Replies (1) of 78659
 
Don, how do you evaluate non recourse debt in your deliberations. AES has a terrible debt load and other problems as well. But 80% of their debt is non recourse tied to specific projects. For that reason I have been willing to gamble that the company will survive. Being conservative I wrote covered 2004 calls at strike of 2.5 My net cost is 1.45 and I belive stock will be above that in 2 years and if above 2.5 the position will return 30% per year.
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