HMN -- A poor man's GEICO? Message Board

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Non-Tech : HMN -- A poor man's GEICO?

HMN 46.16

-0.6%

Dec 31 3:59 PM EST

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To: Duker who wrote (43)	8/10/1999 5:42:00 AM
From: Duker	Read Replies (1) of 72

Interesting Conference Call. The quarter came in as advertised. The company was still upbeat about the second half (once we get beyond the lousy annuity comps). If anyone is interested in the replay ... it is 'good' until Friday the 13th (I can post it if anyone is interested). The most interesting point of the call was during the Q&A when Kardos was responding to questions about the 'strategic review.' He was pretty short with the questioners. You could almost sense the frustration in his voice. By September, HMN is 'poolable' ... with the recent suspension of their buyback program ... the target co. must have acquired less than 10% of its outstanding shares during the last 12 months. I realize that this is not of interest to many (any?) of you, but HMN is a company that is and has been squarely focused on creating shareholder value (whether it be LBO-ing the company or, more recently, buying back large chunks of stock). There is a considerable amount of upside here; and the catalyst is in place. I would be surprised if the transaction price (if there is one) starts with a less than a '4' ... maybe not an internet return ... but, here you are buying a fabulous business at a reasonable price. My hope: .0218 shares of BRKb ... Tax Free --Duker

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