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 (61)	12/29/1999 10:28:00 AM
From: Duker	Read Replies (1) of 72

Well, here we are at year end (almost). HMN has endured a particularly lousy year. We ended last year at $28.50 and are currently destined to close under $20. Yes, we did capture some $.35 or so in dividends ... but, those can pretty much be ignored. Looks like we will close down about 31% this year -- not exactly stellar. I am optimistic, however. HMN still carries with it all the characteristics that made it an attractive business 12 months ago. They generate a generous amount of float (and do so at a very low cost). The business is poised to grow moderately. Their homeowners' book looks better. My wish for the New Year is that they will commence their share repurchase. The stock is very attractive at these levels and I am tired of worrying about 'tainting the pooling' -- especially in light of the SEC's actions versus ZION recently. --Duker

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