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

To: Madharry who wrote (10317)4/10/2000 9:41:00 AM
From: James Clarke  Read Replies (1) | Respond to of 78596
 
After a quick run though the recent press releases from CNC I can't see how one could find a margin of safety in this situation. I can see how it might double from the current level, but I can also see how it goes to zero. At the current leverage, all it might take would be a bump in the securitization markets to nail the coffin shut. No thanks.

Who buys Greentree? I don't see a clamor of banks looking to enter the manufactured housing market - in fact, we are seeing just the opposite, with both Associates and Bank of America trying to get out of this business.



To: Madharry who wrote (10317)4/10/2000 10:07:00 AM
From: jeffbas  Respond to of 78596
 
Armin, I spent a career at one of the largest and best managed mutual life insurance companies. They had about 5% equity to assets. It was no coincidence that most of their assets were in conservative bonds and mortgages. An insurance company should have conservative investment strategies because its liabilities can last 100 years. You have to be able to weather those once in a generation storms. Mutual Benefit forgot about that and is not with us any more.


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