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Strategies & Market Trends : Value Investing

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To: MCsweet who wrote (28102)	3/11/2008 11:11:35 AM
From: Paul Senior	Read Replies (1) of 78730

Upped my position in Massachusetts insurer SAFT. Earnings report doesn't look so bad to me. I am expecting stronger competition in the basic business, auto insurance, as regulators open that market to more competition. So far, with their reported combined ratio, their only small drop in earnings, they still seem like they might be a player. Some persistent insider selling by one guy. Still, the p/e is low, the dividend is okay (4.8% yield), and now the stock once again sells below stated book value. Their float (which I presume is "Average cash and investment securities (at cost") is up 9% to over $1B. That, in a good year (of no significant catastrophes) could provide good earnings to be spread over the 16M shares outstanding. biz.yahoo.com

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