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

To: Bob Rudd who wrote (15766)	11/10/2002 5:35:03 AM
From: Bob Rudd	Respond to of 78748

One possible outcome of the election could be tort reform. Legislative relief may come from the combination of a slim majority and the desire of some democrats not to carry the baggage of defending the indefensible into the next election. The change will also permit previously stalled judicial nominees to get approved. Since federal judges sit for life, there could be an impact that is currently underestimated. I wouldn't run out and buy a pile of asbestos stocks on this, but it bears watching.

To: Bob Rudd who wrote (15766)	11/10/2002 4:26:38 PM
From: Bob Rudd	Respond to of 78748

OT Thread old-timers will recall when CNH was put together in 99 - I think all of us that owned NH sold into the announcement considering that NH had overpaid for Case. Saw it mentioned today - looked it up, now trading @3.11 less than a fifth of where we sold it. Figuring it might now be in the bargain bin, I ran EV multiples on it: EV/(EBITDA)=13.7 EV/(EBITDA-CAPEX)=23.5 Not including the $1B OBS debt from a recent recievables securitization...no telling what else they got OBS. Nowhere near what I'd call cheap.