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Strategies & Market Trends : Buffettology

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To: Michael Burry who wrote (2617)	7/20/2000 1:35:00 PM
From: Freedom Fighter	Read Replies (2) of 4690

Mike, >>Horace Mann was almost bought/sold less than a year ago for more than twice the current price. It's a steal. Just how low can it go? I'm watching it carefully right now.<< Yep! I think the offer was for over $30. Book value is a little under $10 right now. It dropped a bit recently because some unrealized capital gains on the bond portfolio became unrealized losses. I think the niche is fairly solid. The combined ratio is still excellent even now. I would be buying it right now but I am still trying to make an educated guess about its growth prospects among teachers. I'm hoping it doesn't leave the station before I'm comfortable. Wayne

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