Craigla1

Payday Lender Stock Update

Larry: Re WRLD:

Citron has a phenomenal record. I have made a lot of money on their recommendations. That said, please justify the current price (let alone your $40 target) for WRLD, given:

1. It sells for more than book value

2. All lenders with a book of business in which charge-offs are very high sell for less than book (see COF), reflective of the Street's concern that assets haven't been adequately marked down.

Note, as well, the big ramp up in delinquencies at COF yesterday. I trust you don't think WRLD's customers have a greater ability to weather this economic storm. Unemployment continues to rise. U6 (which includes part-timers who want full-time work, plus discouraged workers) exceeds 16%. THESE are WRLD's customers!