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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (36721)	2/21/2010 7:17:05 AM
From: anializer	Read Replies (1) of 78748

I suppose that's one way to look at it. Another simple analysis might be that it sells at less than 50% of book value and fairly consistently makes money every quarter. Based on 2009 there were some segments that seemed disappointing, while others seemed OK. However a PE ratio of 9X is about the norm. Gross premiums written were down so one might make the case for "Where is the growth going to come from?" and one might also say that they were smart to bite the bullet on certain operations and take the investment loss, but they always have a loss on discontinued operations and one wonders why? The nature of their business is a bit different from say and HMN, but HMN has a lower PE, a lower but good discount to book, and the stock does at least participate in market advance. PMACA for some reason just does not peak investor interest for more than a day or two and then sellers seem to knock it right back down. If anything I may reduce further and hold a token position. Not to sure yet. I have pretty good positions in AHL and HMN also, so how much insurance exposure does one really want. If anything I would take off the under performer. I didn't buy PMACA when it was real low so I'm near flat on my position

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