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To: re3 who wrote (108003)	6/11/2001 9:38:04 AM
From: Thomas M.	Respond to of 436258

Interesting perspective from hedge fund manager Wayne Cooperman: << If you compare Valero to Calpine, they’re very similar companies. They both buy a commodity, Valero buys oil, Calpine for the most part buys natural gas. Valero sells gasoline, Calpine sells electricity. There both basically convert one commodity into another and yet Valero trades at 5 times earnings, Calpine trades at 35 times. While the underlying demand for electricity is not growing particularly faster than the underlying demand for gasoline. It’s just that electricity has gotten a lot more press and Calpine is showing great earnings as well as an ability to raise cash. But I find it funny when people pay 35 times earnings for an electricity refinery. >>