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Non-Tech : Conseco Insurance (CNO) -- Ignore unavailable to you. Want to Upgrade?

To: Robert T. Quasius who wrote (1482)	7/2/2000 4:40:40 PM
From: Tunica Albuginea	Respond to of 4155

Robert T. Quasius, definitely CNC is undervalued at these or even higher prices. Why do you think Gary Wendt too it over? Wendt was doing fine as it is . Hecould have had the pick of anything after what he did with GE Capital. We have here 17,000 employees ( CSCO has 21000 <vbg>), so we don't have to go out looking for any in these days of thight labor markets.. If anything there is room to downsize to the most efficient which in this climate of rising rates and downsizing is just fine. We got 8 bill in sales and 50 bill assets under management. I think Wendt can do sometning with that, <vbg>. TA Message #1482 from Robert T. Quasius at Jul 2, 2000 1:35 PM CNC is still very undervalued at these prices. If we multiply the consensus estimate of $1.9 for FY00 by a P/E of 10, we come up with an intrinsic valuation of $19. The other stocks in this sector sell at a P/E of 10, but have lower growth rates of around 12%. Even discounting the P/E for the present troubles, likely write-down for GT Finance, etc., the stock is still at a significant discount. If it moves up into the low to mid teens next week, I predict the shorts will panic big time. Remember, they can have margin calls too and many of them are probably already getting margin calls.

To: Robert T. Quasius who wrote (1482)	7/2/2000 10:34:47 PM
From: StaggerLee	Read Replies (1) \| Respond to of 4155

Figure a lot of margin notices were received Friday and Saturday to be settled on Monday. Wendt gets one chance to clean up the books under the "old regime's" scorecard. If there's anything soft on the balance sheet, I think it will go away in this quarter's earnings report. They've got an awful lot of goodwill hanging out there ($3.9 billion or $12/share). Also another $6/share hung up in "other assets." Now's the time to take any remaining charges. Wendt was a huge score for CNC.