As quoted in Barron’s – May 28, 2001

As quoted in Barron’s – May 28, 2001

Just as the Internet was the catalyst that started the mania for technology stocks, California’s energy woes seem to be the catalyst for stocks like Calpine. Calpine is seemingly on everyone’s favorites list despite the fact that the stock has already soared from around $3 a share a little over two years ago to unprecedented levels of nearly $60 a share today. We are not saying it will plunge anytime soon, but at some point investors will realize that current growth rates cannot continue and at that time the stock will be very susceptible to a nasty fall. California’s problems will eventually be resolved. In fact, within two years California will be a net exporter of energy.