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Non-Tech : Conseco Insurance (CNO)
CNO 42.480.0%2:07 PM EST
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To: M.A. Miller who wrote (471)12/8/1997 11:21:00 PM
From: Pancho Villa  Read Replies (1) of 4155
 
>>. That's true that CNC has little internally generated growth right now. But CNC is growing faster than 15% overall growth because it's more predictable and cheaper for CNC to buy companies and reduce out the overhead, than to just sell more policies. <<

This is fine as long as you do not pay through the nose to buy those revenues. That is where the good will comes from. The big problem [at least mine] is that I can not analyze properly financial statements of insurance companies. They are strange animals and from all the hand waiving on this thread it is mi impression I am not the only one with this handycap. I read the RD reports and I have to admit some stuff was blown out of proportion and/or exagerated and that the guy is emotional about the issue. However, the guy seems to know the business and IMO the big picture is right CNC seems to be worrien more about revenue growth and taking advantage of accepted accounting principles to continue growing its stock price. Despite my handicap, CF statements don't lie. I recall a continued worsening picture for cash flows in DK summary data. I will check myself the SEC fillings and report back. BTW risking having done thinks backwards like someone else in the group, I decided to take a small especulative short position in the stock as IMO RD has not gone insane yet.

Pancho
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