Bill Wexler's Dog Pound Message Board

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Non-Tech : Bill Wexler's Dog Pound

REFR 1.565

+0.3%

3:59 PM EST

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To: Bill Wexler who wrote (5748)	12/29/1999 3:47:00 PM
From: Bill Wexler	Read Replies (2) of 10293

Quadrupling position in FTR at 3 1/8...SPECULATIVE...Insurance companies are in the deep crapper. I have been trading FTR for years and made a lot of money in the stock. I had a small position at 10+ which subsequently tanked below 3. I have now gone 4x on my original position for an average price of roughly 5. THERE IS A REAL CHANCE THIS STOCK MAY GO TO ZERO - CAUTION!! However, I like management and - like the banks - I think insurance is due for a rebound. Consider this a very speculative turnaround situation. note - the dividend has been suspended. The kicker here is the losses generated by reserve additions are higher than they should be. Management is ultra conservative and I believe that the loss reserves are way overdone.

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