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Non-Tech : Union Acceptance Corp. UACA

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To: Carey Thompson who wrote (27)	3/8/1999 10:38:00 PM
From: Gary A. Mullennix	Read Replies (1) of 39

Two things I like to read in the quarterly reports. The amount of lending continues to rise so if they can earn even 1%, that is 23mm. divided by 13.5mm shares, that adds up to a good earnings number. And, the key to earnings is also lending to people who will pay back the loan. They seem to be working very hard at that and if the loss ratio drops the hoped for $1.00 a share might well show up. The 3rd quarter is key so, we'll know in a month how the year will turn out. Lots and lots of great low mileage, young used cars out there and more and more people earning enough to buy them even if their credit isn't the best. Just good enough. I also note where Conseco's Greentree cannot get out of the way so their is a bias against all these financial stocks. Merrill Lynch sure thinks a lot of Conseco so perhaps it is just a sector rotation matter. And, if we wait, they'll be back. Finally, Richard D. Waterfield certainly has a lot of other stock in UACA. So, it is nice to see him buy 25,000 shares. Good luck.

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