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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: JHP who wrote (33819)	10/12/1998 3:51:00 PM
From: HB	Respond to of 132070

It's a bit hard to figure out what's going on with the 3 classes of stock, but that figure looks roughly right to me, for the class C nonvoting stock (I get $94/sh from the August 10q, by assuming the (Income:eps) ratio for these share should be the same as the (cash:cash per share) ratio.) I don't know jack about analyzing a financial services company, but did you notice under "liabilities", $1.2 billion of notes payable within a year? Maybe Mike can enlighten us, but that makes the $350M cash position look a tad less attractive to me. This thing looks too complicated to invest in on an off-the-cuff reading of some SEC reports using some general notion of value, unless you are experienced with financial accounting for this type of company. The 0.63% interest rate on interest-bearing assets doesn't look too hot to me, either, even if it's a 6 months rate (I'm not sure which). I wouldn't think agricultural mortgages would be a real good thing to be holding going into a worldwide recession (if we are), and the recent slide may reflect the market's agreement. Recall this, along with some brokerages, was one of Bonnie Bear's picks when she abandoned BEARX awhile back (before the top). Hope she was nimble & got out (she did seem nimble). I like to look out for value, but having kicked a tire, I'll look elsewhere (unless MB contradicts, maybe. Naaah, even then.) Cheers, HB

To: JHP who wrote (33819)	10/12/1998 7:58:00 PM
From: Thomas M.	Respond to of 132070

Yahoo's data is worth what you pay for it. Did you read the piece from Grant's Interest Rate Observer that I posted on the FAMCK thread? This stock is puffed-up hype, BK fodder. Tom