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

To: jeffbas who wrote (3103)	1/27/1998 12:43:00 AM
From: Michael Burry	Read Replies (1) \| Respond to of 78594

Re: MAXI Funny, it had come up on a screen of mine just last week. Looks like Nasgowitz has over 17% of it, up from just 11% in September. 3 sell sides following it with basically sell recs. At $300 per member and 1/4 sales, with $30 million in cash compared to a 150M cap, this is one cheap HMO. That 10% spread isn't too appealing, but it's no worse than another Nasgowitz special, HYDEA/B. I gotta look into it more, but it's growing fast, which means it can't reliably estimate it's MLR going forward, and it's acquiring a bunch of Medi-Cal biz - the same that Pacificare is dumping. Looks like upwards of 75% is governmental, less than 25% commercial. I'll look into it more - thanks for bringing it up. Mike