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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (9517)	1/4/2000 11:34:00 PM
From: cfimx	Read Replies (1) of 78515

Paul, yes I am buying some insurance stocks. There are so many cheap ones out there that I have been trading some and trying to upgrade where I can. I have been buying brk (of course) now 70% insurance as you know. I am also building a long term position in Progressive, which just gets cheaper (read goes down alot) <g>. I also have been buying White Mountains (WTM) a small New Hampshire based holding company that John Bryne spun out of American Express a number of years back. He still holds a big chunk but is no longer chairman. WTM has a controlling interest in FSA, a neat little municipal insurer, a la Jame's Ambac. I think FSA is a buy here too. One of my favorite little ideas is STFC, which is a medium sized auto insurer that's just a cut below Geico and Progressive in terms of quality. Because of pooling arrangements, it has a built in growth profile that makes the economics quite compelling here. It trades at about $9 which is it's book value. This is real quality at the right price. I like your TRH idea. Have you looked at PRE and ORI?

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