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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote (8119)	9/1/1999 11:01:00 PM
From: Shane M	Read Replies (2) of 78817

Mike, I don't know Old Republic, but if they're property/casualty insurer I'd say be careful. I encourage anyone who's looking into P&C insurers to check out what State Farm is doing to defend marketshare. IMHO, it's going to very tough on all players, and I don't think the Street fully recognizes the increasing level of competition. State Farm has lost market share for the past two years to players like Progressive and Geico, and it looks like they're committed to "pain" in the marketplace to defend their turf and to give competitors pause. Rate decreases by State Farm are coming out of the woodworks, and I don't think much of it is due to improved loss performance. Shane

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