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

To: Bob Rudd who wrote (15735)	11/4/2002 9:59:48 AM
From: Bob Rudd	Read Replies (1) \| Respond to of 78525

Sold THC @28.68, roughly @ 10% discount to the group on EV/EBITDA basis. It bounced on Calif. clarification and that's what I was in it for. The discount to group is probably justified given opacity on outlier issue. Other things I'm not fond of are exposure to gov't capriciousness on pricing and high concentration [46%] in Ca & Fl where litigation risk is very high. [Speaking of which, THC's malpractice costs doubled [to 240mm] in the 2 years ending mid 2002 with a 67% increase in 02 alone, methinks this may be a big part of recent healthcare/coverage price rises]