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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Paul Senior who wrote (7823)	7/23/1999 2:00:00 AM
From: James Clarke	Respond to of 78825

Some broker tried to sell me Budget last year at 30 or so (and I'm talking an institutional broker). Glad I passed. Maybe its worth a look down 70%. Or maybe not. Be VERY VERY careful with UAL. Read the part of the 10-K about the employee ownership. And really think about what happens next year. I would bet even money on a strike in the next twelve months. And strike or no strike, the P/E multiple is 20% higher than what it looks like. Read the footnotes twice. (And then buy AMR.)

To: Paul Senior who wrote (7823)	7/23/1999 2:16:00 AM
From: Paul Senior	Respond to of 78825

And also buying ESREF. Small Bermuda-based reinsurer with better ratios than its larger peers ACL, PRE, XL. Below book, combined ratio under 100%, stock buyback, but not much co. history. And these reinsurers are risky, since many don't seem to really understand the risks they are insuring. Been trying to accumulate small position at low prices, but game over as Bus. Week just now came out with very favorable comments on ESREF. FWIW.