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Strategies & Market Trends : Value Investing

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To: 249443 who wrote (13669)	1/29/2002 11:09:24 AM
From: Paul Senior	Read Replies (2) of 79131

mrcjmoney, you mentioned TWK: I'll take some today at current price. Message 16898256 Insurer selling at low price/book. Also at relatively low price/sales. Several value investors have (or had?) positions in it (e.g. Marty Whitman) negatives: too rapidly (?) growing revenues, debt, shares outstanding earnings losses several years of decreasing book value CEO has sold a chunk at lower prices recently Negatives seem to outweigh positives as I list them. Company is a long-tail insurer by having "an emphasis on catastrophe cover and unpredictable events". Maybe only Berkshire Hathaway is big enough and smart enough to do this successfully. TWK seems to have very good and very bad years. Given that the stock's below book value, I'll make a small bet there's still some future for TWK and that they'll eventually have another good year and concomitant increase in stock price. Paul Senior

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