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Strategies & Market Trends : Rande Is . . . HOME

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To: Rande Is who wrote (4442)	3/19/1999 4:35:00 PM
From: Retired41	Read Replies (1) of 57584

Rande: I just picked up a little known insurance stock traded on NYSE. ASI is quite the deal right now, IMHO as a long. Balance sheet is spotless and book value is $9.75 while stock is trading at 8 1/8. I knew these people when I was a director of a company that competed against them. I have looked at doing deals with them in the past and found their accounting procedures very good. I also consider that they have redundant reserves, solid reinsurance, and a seasoned book. BUT they don't have much growth. However as a retired Insurance Executive I believe that this lack of growth for growth's sake is keeping their balance sheet very solid. Now all they need is an investment guru and they will be like a mini BRK. Bottom line here is I believe the company, while not exciting, is basically just a good solid pile of money trading at a discount to it's cash value. Just a boring company in an out of favor industry. Let me know what you think. I did buy it today as it just seemed so cheap.

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