Subject: Goldman conf. call
From: [email-masked]
To: [email-masked], [email-masked]
Cc: [email-masked]
Date: Thu, 28 Jun 2001 09:41:11 -0700 (PDT)

Over the past 2 days, David Fleischer has leveraged his "Recommended List -  Buy" with a significant marketing push, including a broad sales force call late Tuesday, overnight blast voicemail to clients, and a conference call for investors yesterday late morning.  

David's conference call comments were extremely positive.  Highlights of his call include:
Enron is the "Tiger Woods of the energy industry" - Enron remains the premium energy company
Fundamentals are excellent; "Misperceptions" exist and will dissipate over time. 
David believes earnings should grow 25% over the next 5 to 10 years .  Increased estimate to $1.85/share for 2001 and $2.25 for 2002.     
Telcom is the one exception, where business is developing much more slowly than previously set forth
Enron issues/noise
California - Limited risk for Enron; Enron is part of the solution. 
India - Extraordinary contractual protection. Unlikely to lose $ from Dabhol, more likely to gain. 
PG sale - Enron will sell; not a negative in the shortrun
Asset sales slow - Weak Euro is a problem; Enron is motivated - CFO newly assigned; not an overhang; pending positive
Insider sales - Much has been pursuant to l/t sales programs to manage limited windows; Jeff has terminated his program
Wholesale - An investment bank?  Enron is much, much more than trading - risk management, structured solutions;  20%+ grower over the long-term; Very effectively extending the model to other commodities
Retail - Extraordinary capabilities;  >$15/share
Telcom - Absence of good counterparties has slowed business development.  Free call option that will be a good business.  

Investor questions following David's comments tended to be from troubled/outspoken investors.   David was straightforward and effective in his responses.  David has received many 1:1 followups that indicate to him a broad range of long-term value investors appear very interested in ENE.  He is having fun!

David's call can be accessed at 1 800 615 3210, passcode 5338365.