since 1988 i have always owned some mcy except for now. i was very dissapointed in the charge they took for medical catch up. right now i dont know whether thats an isolated incident or an indication this company is slipping into mediocrity. my guess is its just a one time event perhaps related to the tenet hospital situation (tenet is the largest hospital owner in california and recently admitted to especially aggresive pricing in ca). i will however begin to accumulate the stock again in the mid to high 30's, however, its time for mcy to make big money and its time for excuses is about over for me. by the way the reason the pe is so high is the writoff for bonds and the med charge. on an operating basis the pe is in the high teens for '02 and low teens for '03.