Mr. Pink's Picks: selected event-driven value investments Message Board

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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments

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To: Mr. Pink who wrote (7237)	3/19/1999 5:12:00 PM
From: Retired41	Read Replies (1) of 18998

Mr. Pink I would like His opinion on ASI. They are a small insurance company with a spotless balance sheet (although your forensic accounting genius will have to concur). Their assets are very clean, and they are making a bunch of money, but controlling growth. They are also pretty small. Maybe off your radar. Market cap only a little over $100MM. I bought today because at trading at 8 1/8 vs book value of 9.75. And they have last years fully diluted earnings of $1.08. I figured even if you discounted assets by 10% it was like I was getting $1.08 for every $1 I spent on stock. I know the insurance sector is out of favor, but I have seen these guys in action (that's what made me start tracking them) and they do a very good job. They are interested in making money not just schlepping insurance and letting the losses fall where they may. Just don't know if it is a good trade. The stock is absolutely dead. I would appreciate the favor of His opinion on this. I just can't figure out why I was able to make it. Everything seems so overvalued these days.

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