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

To: jeffbas who wrote (10327)	4/11/2000 8:35:00 AM
From: peter michaelson	Read Replies (1) \| Respond to of 78596

My thinking: With banks it's the assets that are virtually unknowable. With insurance, particularly Property/Casualty, it's the liabilities which are unknowable. Conseco has both assets and liabilities which are difficult to know - future claims re insurance and consumer receivables of questionable quality. I spent 6 months analyzing a P/C company that we eventually acquired. I watched the liabilities mature. I can confidently say that the Statutory filings are not sufficient information. The liabilities stated are based on estimates of future claims. Very very difficult to know. peter