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Non-Tech : Cityscape Financial (CTYS)

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To: Rational who wrote (861)	10/12/1997 10:11:00 AM
From: Brooks Jackson	of 2544

The Williams Capital report was interesting reading. -- thanks for the link. It does not address my questions, however. I have little doubt this stock is way undervalued compared to its peers, and in the current market and under current economic conditions. It will probably go up -- for a while at least. But it seems to me this is an industry that has never been through a real downturn. It is flourishing in the current good times. What happens in bad? It lends to people who have trouble holding jobs and paying debts now, when jobs are plentiful and incomes are (at last) rising. What happens when these borrowers get laid off? It's going to happen sooner or later. Idon't know how one can "research" this kind of question -- there are no data. You can only think about it realistically, look for parallels in past situations (like the incredibly stupid S&L credit boom in the '80s, which I mentioned), and seek out the informed opinions of others. That's why I posed my questions to you.

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