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

To: LauA who wrote (14209)	3/31/2002 4:38:13 PM
From: 249443	Respond to of 78715

A couple of comments on PNX, The 12/31/01 10Q report indicates a book value price of $23.51. The management conference calls address the issue of past venture capital investments & the past/current/future role that venture capital will play within the firm. The calls also address management's committment towards creating shareholder value (i.e., State Farm cross-selling PNX products -- and the # of customers that State Farm has that fit the PNX-customer profile.) Regarding the recent downgrade, I don't pay attention to what Wall Street does with upgrades/downgrades. I pay attention to competition, business fundamentals, and intrinsic value. But ValueClick & SOFN may offer more bang for the buck.