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Non-Tech : HMN -- A poor man's GEICO? -- Ignore unavailable to you. Want to Upgrade?

To: Joseph Anderson who wrote (32)	5/14/1999 4:07:00 PM
From: Duker	Read Replies (1) \| Respond to of 72

It's funny after the conference call, I talked with the company about just that point ... he wouldn't tell me what the securities were except that they were two E&P related pieces of paper whose ratings were clipped by S&P ... I asked him (Henderson was a former bond guy with Bear, Stearns & Co.) if he regretted punching out two "energy sector" bonds at the bottom of the crude cycle ... He said that the portfolio was run by an outside manager and the manager was pretty worked up about losing the principal after the downgrade ... Henderson also said that it is not typical of this manager to be reactive ... but, he was pretty nervous ... I did not find the answer particularly satisfactory given my propensity to want to buy things when people like these outside managers get nervous (... at the time the experts were looking for $8.50 crude ???). Henderson agreed and said that this was the exception to the rule (normally they try to be as rational as they can be with their portfolio). After all, I was not selling as Chieftain was punching out their position ... I was happily buying. Good pickup, Joseph. This kind of thing would not happen to HMN if they were part of BRK! --Duker