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

To: Brendan W who wrote (5276)	11/13/1998 1:55:00 AM
From: Paul Senior	Respond to of 78821

Brendan/Jeffrey: re: MONY (symbol: MNY) I'm interested in this stock also --- I'm always interested in insurance companies when they sell below book value. Yahoo News for MNY offers an article about how these company conversions have worked out well. (The bad news being that it often has taken time- sometimes years). There also was a favorable article in the 11/1/98 NY Times if you have access to it. I'm disappointed the offering price, first estimated to be about $20, was upped, and the stock initially began trading at 28. The good news, to me anyway, is that stated book value is $35.58/sh. (per NYT article), so there's still value and still opportunity. What I don't like is that MONY, somewhere around now (I think), "plans to issue 34M shs to its 900,000 policyholders" (the conversion from mutual status). I see that as a serious drag on the market price as policyholders cash in stock for cash. In which case, maybe some patience and forbearance now might let value investors pick this stock up at lower levels. Paul Senior