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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments -- Ignore unavailable to you. Want to Upgrade?

To: ItsAllCyclical who wrote (17185)	10/11/2002 5:43:32 PM
From: Kevin Podsiadlik	Read Replies (1) \| Respond to of 18998

As far as Worldcom you're talking about the telecom business. So you can bring up Tyco but I can't bring up WorldCom. Interesting ground rules we have here. The common denominator here is fraud. Enron committed fraud. WorldCom committed fraud. Tyco committed fraud. Dynegy committed fraud. El Paso... well, the jury is still out on that one. See the problem you have is that you assume the trading side can't be valued at less than $0. Well unfortunately in this market it very much can. Look at AOL Time Warner for example. Time/Warner by itself, solid steady $20 stock. Add in AOL and it's only worth $11. AOL is valued at minus $9 a share. Similarly EP's trading business can and is causing the stock to trade at a discount to its more tangible assets. I haven't addressed the finer points of your comments because, despite what you assumed, I have no position in EP, and therefore no particular desire to delve into minutiae. In my current financial state I cannot short stocks. I am just a research junkie who wanted to be helpful in presenting a primer the other side. You see, sometimes Mr. P gets really busy and can't spare you the time so I jump in. You're welcome.