Mr. Pink's Picks: selected event-driven value investments Message Board

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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments

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To: maurice18 who wrote (1485)	5/3/1998 11:38:00 PM
From: Mr. Pink	Read Replies (3) of 18998

Dear Maurice18: Thank you for your thoughtful remarks on SIR. You have certainly done an excellent job of summarizing management and Morgan Stanley's views on why it is a good investment. However, the losses suffered in the portfolio more than offset any unrealized gains. The company's business plan is a ponzi scheme reliant on additional premium to book financings. The shares are trading at over 20X pretax earnings. The quality of the companies they lend to is poor. Mr. Pink has spoken to others in the business they are in and SIR has financed many dogs that others passed on. Look for shares to trade to low teens. Mr. Pink

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