Fluor (FLR) and Perini (PCR) are in the same sector - infrastructure. That's about all they have in common. I have owned both at one time or the other, but clearly owning Perini (PCR) was a mistake. My thesis with infrastucture is to focus on the customer base - oil rich Arabs, trade rich Chinese, and essentially bankrupt (federal) US government with unending pocketbook (read: your taxes) who runs deficits to their hearts content. That was my error with Perini - unfortunately their customer base is heavily focused on non federal government Americans (although they are trying to change that) i.e. local governments, US customers who need credit lines - casinos for example [Jan 17: Perini Shows Collateral Damage of Tightening Credit + Slowing Economy]Construction company Perini Corp (PCR) said Deutsche Bank on Wednesday delivered a notice of loan default to the ...

By Keith Fitz-Gerald Investment Director Money Morning/The Money Map Report Japanese companies and local governments must now measure the waistlines of all employees and family members over the age of 40. According to this new health-care initiative - which started this week - men whose girth exceeds 33.5 inches and women whose waistlines exceed 35.5 inches are considered overweight. The new guidelines affect nearly 56 million people, or roughly 44% of Japan’s total population. They’re based on studies done by the International Diabetes Foundation in 2005, which looked at size and weight thresholds and used them to identify health risks. Individuals who fail to meet these standards won’t be penalized or have to pay up personally. But their employers will - in the form of penalty payments and higher health-care premiums for every additional inch - thanks to this new waistline law that’s ...

Expect this to be the first of many [Apr 25: Shoes Beginning to Fall in the States]... unlike the federal government, local/state cannot print money out of thin air to address shortfalls. We've discussed countless times this will be the "lag effect" outcome... while everyone assures us everything is fine - these are the type of shoes we'll be seeing down the road. I was discussing this last December [Dec 13: A Web of Credit Snares Another: Cleveland]... One point I forgot to mention in the 2008 1st half predictions piece is the role of ever decreasing housing values on state (and city) revenue. A large part of revenue inflows is based on an asset (real estate) that is decreasing throughout the country. Budgets (and benefits) are set to recent 'good times'. Like most enterprises very few government institutions will save for coming rainy day ...