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To: Robert O who wrote (2170)	9/22/2002 11:48:31 PM
From: BWAC	Read Replies (1) \| Respond to of 13403

Well I don't recall that they have ever had a dividend cut in 20 some years. People may line up to sell DUK at any price, you just never know and that seems to be in vogue these days. But it is a stable well run company. Providing an essential service. And I reiterate the low $17 Billion valuation. Already cut in half from highs. Dividend payout ratio only near 50%. In a low interest rate environment. This isn't something that will go bust due to risks taken in the business operation. I don't know where you reasonably expect the valuation to fall to? $15 Billion? Less? Should interest rates rise, you might have something given that DUK's yield would need to rise as well. That would take a falling stock price to accomplish it right now in the current profit environment. Just the same, I have previously seen DUK trade with its yield on par with interest rates for extended periods. IE no yield premium as most utilities have. That speaks of its long term growth, low payout ratio, and stability. Just fyi as I see it from my backyard. You may see it differently 1000 miles away. Good luck.

To: Robert O who wrote (2170)	10/9/2002 12:42:08 PM
From: Robert O	Respond to of 13403

OT Well, there goes DUK. First discussed at 20, now at 16.85 a share with very little preventing it from going lower. This one seemed like a slam dunk given the issues cited. Since I am in a cash accumulation mode from all the horrible earlier mis-steps can only watch from sidelines. For those interested in these types of things, Vegas was neutral as I backed up truck with a 8k bet on the saints giving three to beat Pitt. 53 mins. out of the 60 min. game they covered easily. final score 29-32 a damn push and no one wins. Most of game N.O. was up almost two touchdowns. What's new? RO