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

To: Paul Senior who wrote (8263)	9/15/1999 12:32:00 AM
From: James Clarke	Read Replies (1) \| Respond to of 78821

Ambac is looking very attractive as an add for me at 50 and change, 13 times earnings. My original buy in 1996 was at 11 times earnings and that was a double in two years or so. It dropped today with other insurance companies even though Ambac's business has nothing whatsoever to do with hurricanes. You want safety if things get rocky, Ambac is it. Their business is long-tail, and the profits are booked year by year. And unlike other insurers, there is virtually no risk of permanent loss of capital on default. This is a special business, and it is a bargain at 50 IMHO. JJC