Mr. Weill's experiences with the volatile earnings and egos to be found in investment banks have been more painful.

They are also good for companies with volatile earnings.

Investors, who have become accustomed to volatile earnings reports from Salomon, reacted benignly to the news.

Canada, which traditionally has had very volatile earnings, had an even wider swing, with earnings estimates moving from up 5.2 percent to down 17 percent.

In a meeting with analysts last week, the company outlined a three-year plan that would cut costs by $50 million and lead to less volatile earnings.

Adding to the appeal of finite insurance was its effect of smoothing volatile earnings, which many investors find distressing.

And a good track record does not mean volatile earnings.

Because of its highly aggressive trading strategies, Salomon has a history of highly volatile quarterly earnings.

Ariel avoids stocks of companies that have volatile earnings.

He added: "Wickes is a series of diverse businesses with volatile earnings and substantial financial leverage.