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MUTUAL SERIES FUNDS'
MICHAEL PRICE ET AL.
(continued from preceding
page)
As Michael said, Chase was Ray Garea's idea. In fact, a lot of the smart things we've done around here have originated with him. So I think he'd be a good guy for you to speak with.
OID: That's what Michael says. I seem to keep hearing good things about you. What's your role around here?
Ray Garea: I do all of our financial stuff, except for the insurance companies, and all of our health care stuff, except for the pharmaceuticals.
Plus, I look at anything new that's located in the U.S. that people want to put into our portfolio. In other words, when anybody wants to buy something new - be it a lumber company, a media company or whatever - they run it by me. Before, they used to run it by Michael.
OID: So, in effect, you're the gatekeeper.
Garea: For new stocks that are located in the U.S. And Rob Friedman fulfills that role for things that are overseas. Then, again, that wouldn't apply to people like Larry Sondike or to Jeff Altman and Peter Langerman for ideas in the distressed area. They function on their own. Michael takes care of them - just like it's his job to take care of me at different times or if positions get big enough, etc.
But we've made a few changes just to recognize the fact that we're a bigger organization and we need to be doing things a little differently.
OID: As I recall, at the annual meeting, you said that it was getting late in the day for financial stocks.
Garea: Yes, it is. They're not bargains today. And that's not to say that we don't still own 'em. However, financials are making the new highs list. And that's not where we poke around. We poke around in the new lows.
OID: And I gather that today that's health care.
Garea: Yeah.
OID: At your annual meeting, Michael pointed to HMOs as an area that was still cheap and offered opportunity in a generally expensive market.
Garea: That's right.
OID: I've developed a twitch from stocks rocketing up, up and away lately. So is what he said still true?
Garea: In some cases, yes. Others have rebounded quite a bit. For example, we owned a pretty big position in United Healthcare. And that one's gone to $48+ from maybe the high $30s. So that's a 30% move in a month. And Pacificare has popped maybe $10 in the same period.
OID: Hold on while I medicate...
Garea: But there are others that we own like Foundation Health [FH/NYSE] and Health Systems International [HQ/NYSE] - which are incredibly cheap.
OID: For good reasons or bad reasons?
Garea: For bad reasons.
OID: Then time's a wastin'.
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